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CPI Rises in Norway, Yet EURNOK moves to Channel Resistance

CPI Rises in Norway, Yet EURNOK moves to Channel Resistance

Walker England, Kara Dailey,

Talking Points:

  • In February Norway’s CPI increased by 0.4% (m/m) and 1.9% (y/y)
  • PPI increased on a monthly basis (+2.1%), yet remains down on the year (-9.9%)
  • EURNOK moves to Channel Resistance

After receiving a series of disappointing production figures last week, the Norwegian economy welcomes this week’s marginal increase in both the Consumer and Producer Price Indices. Greatly influenced by the volatile food and energy groups, the indices now respectively stand at 138.4 and 229.3.

In the month of February CPI rose by 0.4%, when measured month to month, and by 1.9% when measured year to year. The monthly change was primarily driven by a 1.9% increase in the price of food and non-alcoholic beverages. Conversely, a 1.6% decrease in the price of electricity severed as a limiting factor.

On a yearly basis, the 1.9% rise in the all items index was driven by surges in the food and non-alcoholic beverage (+3.1%) and imputed home rental (+2.3%) indices. In partially offsetting these gains, fuel prices dropped by 8.4% while the growth in airfares significantly narrowed, tapering off from 23.9% to 2.8%.

Producer Prices charted a similar path; from January to February prices increased by 2.1% despite the index remaining down 9.9% when measured year over year. The monthly gains can be credited to an increase in the price of extraction and related services (+4.2%) as well as higher prices for petroleum and chemical products (+1.8%). The change marks a turnaround for oil, which previously decreased by 16% between December and January.

The same categories that elevated producer prices on a monthly basis in February, kept them suppressed when measured year to year. Refined petroleum and chemical products fell by 21.5% while extraction and related services dropped in price by 19.0%.

EUR/NOK Daily Chart

CPI Rises in Norway, Yet EURNOK moves to Channel Resistance

Chart Created by Walker England Using MarketScope2.0

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