Norwegian Inflation: Revised Forecast After January

SEB has revised its Norwegian CPI-ATE forecast upwards following a broad-based 0.4pp surprise in January data. While core inflation is still expected to decline in 2026, uncertainty regarding the pace of deceleration has increased.

Key Takeaways

• 1.The January CPI-ATE inflation figure significantly exceeded expectations with a broad-based 0.4 percentage point surprise.
• 2.SEB has revised its core inflation forecast upwards for 2026 due to the recent data and increased uncertainty.
• 3.Despite the upward revision, the long-term prediction remains for core inflation to trend downwards through 2026.

Table of Contents

• Revised forecast after January

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