Inflation & Prices
Norway Inflation Hits New Three-Decade High, Fanning Rate Bets
- Both headline and core inflation exceeded forecasts in October
- Data may fuel bets about Norway returning to faster rate hikes
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Norway’s inflation hit a 35-year high last month, driven by clothing and communications, fueling expectations that the central bank may opt to return to a faster pace of rate hikes next month.
Headline inflation jumped to 7.5% in October, above the median projection of 7.1% in a Bloomberg analyst poll, and the central bank’s forecast of 5.8%. Underlying inflation, the measure followed by Norges Bank, hit another all-time high of 5.9%, versus the median forecast of 5.5% and Norges Bank’s estimate of 5%.