**As seen in Risk In The Week report 12/04/2022, cablefxm.co.uk/reports
Consumer prices in Norway continue to surprise to the upside as the Y/y rate printed at 7.5% in October vs the consensus forecast of 7.1%. The measure of underlying CPI came in at 5.9% Y/y, this was faster than the prior 5.3% and higher than the survey median of 5.5%. On a monthly basis, hospitality prices declined the most, household prices contracted. Clothing expanded at the fastest rate, communications prices followed. Analysts at SEB say food prices have been the most important driver of inflation over the last 3-4 months, we remind you these expanded by 0.2% M/m in October as they followed a 0.2% rise, this is still a record Y/y advance of 13.1%. They expect this to turn lower into year-end. They also see underlying inflation coming above 6% from February 2023. SEB says that subsidies impact on electricity prices are unlikely to have an impact on inflation.
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