Norway CPI Slows More Than Forecast, Backing September Cut [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
The core inflation rate, which excludes volatile items such as energy, fell to 4.5% last month, according to a statement by the statistics office on Wednesday. That's the lowest level in 20 months, and below the 4.7% forecast by analysts and Norges Bank. A faster cooldown of inflation may help outweigh policymakers' concerns regarding the uncertainty of the krone moves and the resilience of the energy-rich economy, which so far have kept Norway behind other wealthy nations that are pivoting to monetary easing. This weekend, a wage deal struck by Norway's employers and the main industrial unions resulted in somewhat higher-than-expected pay increases, which also speaks in favor of higher borrowing costs for longer. “The disinflationary process should bring a September cut back on the table – as long as the krone does not sell further off, much dependent on the Fed cutting rates in June and US CPI coming further down,” Kjetil Martinsen, chief economist at Swedbank AB in Oslo, said
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