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Norway CPI Inflation 4.0% y-o-y (consensus 3.6) in Oct-23

- Norway's October 2023 CPI inflation surpassed market expectations at 4.0% y-o-y, reaching the highest growth rate since August 2023.
- While the current inflation rate is still below the one-year average, the higher-than-expected CPI-ATE inflation of 6.0% suggests worryingly high underlying inflationary pressures.

Norway Policy Rate 4.25% in Nov-23

• The Norges Bank maintained its policy rate at 4.25%, in line with consensus, with a possible hike to 4.5% in December based on future inflation data.
• Global factors, including slowing inflation among trading partners, fluctuating energy prices, and geopolitical tensions, alongside domestic economic indicators, influence the interest rate outlook.
• The central bank's decision balances the need to address high inflation against the potential over-tightening of monetary policy, highlighting the ongoing challenge of ensuring economic stability.

Norway Unemployment Rate 3.5% in Sep-23

- The unemployment rate in Norway decreased to 3.5% in September 2023, reaching its lowest level since June 2023.
- Meanwhile, the registered unemployment rate stood at 1.8% in September 2023.

Norway CPI Inflation 3.3% y-o-y (Consensus 4.0%) in Sep-23

- Norway's CPI inflation rate for September 2023 decreased by 1.5pp to 3.3% year-on-year, marking the lowest growth since January 2022 and far less than the 4% consensus.
- The current inflation rate is 2.76 percentage points lower than the one-year average and 1.66 percentage points lower than the long-run average, indicating a significant deviation from historical trends.