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Fast Comment Norway

Fast Comment Norway — Core inflation higher than expected, surprisingly buoyed by air transport prices

  1. CPI-ATE at 1.2% in June, higher than we, consensus and Norges Bank expected
  2. Air transport prices buoyed inflation, while imported prices weighed down
  3. Core inflation on the high side of Norges Bank's expectation, but too early to conclude about the broad trend

Kari Due-Andresen, Chief Economist Norway | kadu01@handelsbanken.no

Fast Comment Norway — Household debt growth matched Norges Bank's expectations in June at 6.6 percent

  1. Credit indicator growth at 5.7 percent in June, above expectations
  2. Household debt growth in line with Norges Bank's short-term estimates

Halfdan Grangård, Senior Economist | hagr11@handelsbanken.no

Fast Comment Norway — Increase in manufacturing output in Q2, even if output fell more than expected in June

  1. Manufacturing output declined by 0.6 percent in June
  2. Below expectations: we expected -0.2 percent, consensus +0.1 percent
  3. However, output increased by 0.7 percent in total in Q2

Marius Gonsholt Hov, Senior Economist | maho60@handelsbanken.no

Fast Comment Norway — Housing prices fell modestly in July, driven by another significant decline in Oslo

  1. Housing prices down for a third consecutive month
  2. Driven by another significant negative reading for Oslo
  3. We do not believe this will cause Norges Bank to revise its strategy

Marius Gonsholt Hov, Senior Economist | maho60@handelsbanken.no

Fast Comment Norway — Retail sales corrected down in June, but less than we expected

  1. Household consumption pulled down by car sales and pulled up by food and electricity
  2. Trend has turned positive, supported by improving household sentiment
  3. Trend ahead should be rather moderate

Kari Due-Andresen, Chief Economist Norway | kadu01@handelsbanken.no

Fast Comment Norway — LFS unemployment lower than expected in May with a reading of 4.3 percent

  1. LFS unemployment at 4.3 percent in May, following 4.5 percent in April
  2. We and consensus expected 4.5 percent
  3. Stable unemployment so far this year

Halfdan Grangård, Senior Economist | hagr11@handelsbanken.no