Inflation & Prices
Norway Inflation Slows in Surprise as Norges Bank Nears Peak
- Both headline and core price growth decelerated in August
- Data suggests next week’s expected hike could be last in cycle
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Norway’s inflation unexpectedly slowed last month, suggesting that Norges Bank is likely to end monetary tightening after an expected quarter-point hike next week.
Headline inflation rate declined to a year-on-year rate of 4.8%, a 17-month low, while core price growth slowed to 6.3% in August, according to a statement from the statistics office on Monday. Both measures were below all forecasts in a Bloomberg survey of 10 analysts and Norges Bank’s projections of 6.1% and 6.4%, respectively.