Norway Core Inflation Surprise Augurs Fewer Cuts After March
- Underlying price growth was 2.8% in January, above forecasts
- Data still doesn’t risk Norges Bank plan for March move
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Norway’s underlying inflation unexpectedly picked up pace, likely raising doubts about the outlook for Norges Bank’s policy beyond its first planned interest-rate cut next month.
The rate of underlying consumer price growth that excludes energy costs rose to 2.8% last month, according to data from the statistics office on Monday. Economists surveyed by Bloomberg had a median forecast of 2.6%, the same as Norges Bank’s projection.