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Tuesday morning, Statistics Norway released the Consumer Price Index, which shows how much prices rose in June.
As usual, analysts and market players are most concerned about so-called basic inflation, which shows the price increase adjusted for tax changes and excluding prices for the price of the goods. ;energy.
Underlying inflation stood at 1.1%, as analysts and Norges Bank had anticipated.
The crown was strengthened about three centuries ago against the euro immediately after the publication of the figures. The euro now costs about 9.39 Norwegian kroner and the lowest, 9.3385 kroner. The euro has not been cheaper since last October.
Macroeconomic Jeanette Strøm Fjær in DNB Markets said that it was exactly what the central bank was waiting for and that the inflation rate would therefore not outweigh the plans to increase the Interest rate in September.
– The Norges Bank has made it very clear that it would increase interest rates unless something big and unexpected happens, "says Fjære.
Fjær explains that summer sales of clothing and footwear drove down prices, and they believed that sales would still push underlying inflation to 1.0%.
– What's On the Norges Bank, it is that the prospects of the real economy look good, says Fjære.
Electricity prices continue to increase
Inflation underlying is the objective Norges Bank manages to determine whether the interest rate is going up or down.For this reason, it has long been a lot of attention that the core inflation was lower than the central bank predicted
At the last monetary policy meeting in June, the head of the central bank Øy stein Olsen lowered his estimates on price inflation. Underlying inflation should therefore probably fall, even if it affects interest rates.
The volatile consumer price index rose to 2.6%, the highest level since last January. A sharp rise in electricity prices has contributed the most to the rise in consumer prices.
SSB writes that there is less snow in the mountains and little rainfall, which gives less water to the water tanks.
Again, there are prices for clothing and footwear, as well as for furniture and household items that reduce price inflation. (Terms)
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