Norway’s Sticky Core Inflation Cools Bets on Autumn Rate Cut
- May core inflation slowed to 4.1% versus 3.9% seen by analysts
- Data lowers odds of first key-rate cut in September: Danske
Norway’s underlying inflation rate eased less than analysts expected for a second month in a row, damping the chances of an interest-rate cut by its central bank in the autumn.
The core inflation rate, which excludes volatile items such as energy, declined to 4.1% in May, an almost two-year low, according to data from the statistics office on Monday. That’s above the 3.9% median forecast in a Bloomberg survey of analysts — mirroring the development in April — while Norges Bank’s projection was 4.2%.