RPT--🇳🇴❗️Cable FX Macro Weekly Note: Norway Aug. Consumer Prices

**As seen in the Risk In The Week report 09/08/23, subscribe at cablefxm.co.uk/reports

Norway consumer prices eased by one full percentage point to 5.4% Y/y, this was below the market consensus of 5.9%, and headline CPI had not missed consensus since February. The CPI-ATE metric slowed to 6.4% Y/y, in line with market expectations. On a monthly basis, clothing and housing prices posted the only declines, food recorded a faster-than- prior monthly increase at 3.2%, this was the largest jump since July 2022. Analysts at SEB said that they expect food prices to continue to rise for the remainder of the year, however, they noted Norway's food inflation to be slower than in Sweden or the euro area. SEB added that electricity prices have now fallen below the government subsidy level and that this will have a larger impact on inflation. SEB sits in line with the consensus for the August inflation report, however, if this is materialized, CPI-ATE will be 2/10 of a percent higher than the Norges Bank forecast.