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Fast Comment NorwayCPI-ATE at 1.3 percent; significantly below Norges Bank

  1. CPI-ATE at 1.3 percent vs. market expectations of 1.4 percent
  2. Significantly below Norges Bank's forecast of 1.6 percent
  3. We still expect a rate hike in September, but weak inflation calls for a lowering of the policy rate path
CPI-ATE at 1.3 percent vs. market expectations of 1.4 percent
The CPI-ATE was 1.3 percent y-o-y in April, following 1.2 percent in March. The outcome was marginally below market expectations; note that both we and consensus expected the CPI-ATE at 1.4 percent in April. The outcome was even further below Norges Bank’s estimate of 1.6 percent. As such, the deviation has averaged -0.3 percentage points over the past two months. Even though we still expect Norges Bank to lift its policy rate in September, weaker inflation calls for a lowering of the key policy rate path.

Disclaimer

Marius Gonsholt Hov

Senior Economist

Norway

maho60@handelsbanken.no

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