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Norway’s Inflationary Pressures Slow in January

Norway’s Inflationary Pressures Slow in January

Walker England, Kara Dailey,

Talking Points:

  • CPI slows to 2.0% in January from 2.1% in December
  • PPI stands at -12.4% (y/y) provided a 4.5% decrease (m/m)
  • EURNOK trades in downward trending channel

Inflationary pressures slowed in January, with changes in producer prices more pronounced than that of consumers. While year-over-year growth in CPI faded from 2.1% in December to 2.0% in January, PPI fell more drastically from -7.9 to -12.4 percent. For both indices the greatest negative impact stemmed from regressed energy prices.

Heavily influence by a7.4% decline in clothing/footwear and a 14.2% decline in airfares, CPI fell 0.1% month-over-month from December to January. The index was prevented from further decline due to a 0.9 percentage point increase in the price of food and non-alcoholic beverages as well as a 1.5 percent increase in automobile prices.

Year-over-year, the single most important benefactor to CPI’s 2.0% progression was an increase in the price of imputed rentals for home owners (+2.4%) and transport services (+10.1%). The greatest negative influence came from fuel prices (-8.0%) and the price of clothing (-3.5%).

Also influencing the PPI, refined petroleum, chemical and pharmaceutical products; their prices fell by 9.8% bringing the index down by 4.5% m/m. This category also contributed to the 12.4% (y/y) drop in the PPI as did the 23.0% decline in the price of extraction and related services. Partially offsetting the decline, a 25.7% increase in the price of basic metals.

EURNOK Daily Chart

Norway’s Inflationary Pressures Slow in January

Chart Created by Walker England Using MarketScope2.0

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