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Norway’s January Inflation Keeps with December’s Projection

Norway’s January Inflation Keeps with December’s Projection

Walker England, Kara Dailey,

Talking Points:

  • Annual Inflation remains in-line with December PMC projections
  • CPI increases at an annual rate of 2.1% while PPI falls at an annual rate of 7.9%
  • USDNOK trends higher along its ascending trendline

Through employing robust monetary policy Norges Bank seeks to achieve their inflation target of 2.5%. Remaining flexible in achieving this level of stability the bank lowered its key rate by 25 bps in the month of December. Their ensuing 4/2014 MPC Report stated the committee’s intent to keep rates at 1.25% through March 2015 as inflation is expected to remain near 2.3% throughout the first quarter.

Thus, at an annual rate of 2.1% Norway’s January inflation remains in-line with December projections. The single most important benefactor to the increase—a rise in the price of electricity (4.5%). The annual price level was also aided by a rise in the value of transport vehicles (8.0%) and accredited rentals for home owners (2.2%). The core index was prevented from a further rise by dampened fuel prices which fell by 6.5% for petrol and 5.8% for diesel. On a month-to-month basis there was no change in December’s CPI.

Conversely, at an index value of 235.2 PPI increased by 0.2% from November to December. Once again higher electricity prices (+8.2%) were dampened by a fall in the price of refined petroleum, chemicals and pharmaceuticals (-6.7%). More specifically, the electrical component was drive up by a 12% increase in the system price at power market Nord Pool, while the petroleum index was driven down by a 22% decline in the price of oil (m/m).

However, year-over-year PPI dropped 7.9%. The decline in the price of petroleum products (-14.8%) and extraction related services (-16%) outweighed the 22.5% development among basic metals.

Norway’s January Inflation Keeps with December’s Projection

Chart Created by Walker England Using MarketScope2.0

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.