**As seen in Risk In The Week report 10/07/22, cablefxm.co.uk/reports
Headline inflation in Norway eased to 6.5% from 6.8% Y/y, this was lower than the median consensus forecast of 7.0% and the first downward surprise seen since the March figure. Harmonized inflation and underlying CPI fell to 7.1% and 4.7% Y/y, respectively. The month-over-month figure fell by -0.2%, the first decline since January. The desk at SEB notes evidence on price hikes are losing steam in food prices, they also say that the increase in the electricity subsidy should keep headline CPI subdued, the subsidy went from 80% to 90% of the prices above 70 öre/kwh. SEB commented on the Norges Bank's revision of the inflation outlook as this was substantially higher, the desk expects prices to hold upside risks during the rest of the autumn, they stand out of the consensus and expect the headline to print at 6.0% Y/y.
Comments