CPI-ATE Edged Higher in Line with Expectations

Norway's April CPI-ATE inflation rose to 3.2% y/y, matching expectations and supporting Norges Bank's outlook for continued tight monetary policy.

Key Takeaways

• 1.April CPI-ATE inflation rose to 3.2% y/y, perfectly aligning with consensus and Norges Bank's forecasts.
• 2.Inflation is becoming stickier and remains above target, providing justification for Norges Bank to maintain a tighter monetary policy.
• 3.Food price rebounds (+2.9% m/m) and high wage growth are countering downward pressure from a stronger NOK and lower fuel taxes.

Table of Contents

• CPI-ATE edged higher in line with expectations
• Details
• Implications Norges Bank
• Monthly change in CPI-ATE sub-groups
• Food inflation
• CPI-ATE: Pace of inflation
• Underlying CPI
• Headline CPI

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