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10 Feb 2015
Norway CPI surprises to the upside – TDS
FXStreet (Barcelona) - The TD Securities Team reviews today’s CPI release for Norway, noting that headline CPI came out above market expectations (1.9%) at 2.0%, while underlying CPI remained unchanged at 2.4% yoy, unaffected by the oil price slump.
Key Quotes
“Inflation for January surprised to the upside with underlying CPI unchanged at 2.4% Y/Y (mkt 2.2%) and headline CPI at 2.0% (mkt 1.9%).”
“January saw stronger prices for food, clothing, and furnishings compared to normal seasonal patterns, but the big surprise was that auto fuel prices were actually up 0.2% M/M, while our model was pointing to more like a 4% decline.”
“It’s hard to say why Norway didn’t see the passthrough from the huge drop in oil prices during the month, and whether this is something more permanent or something that will play catch-up next month.”
Key Quotes
“Inflation for January surprised to the upside with underlying CPI unchanged at 2.4% Y/Y (mkt 2.2%) and headline CPI at 2.0% (mkt 1.9%).”
“January saw stronger prices for food, clothing, and furnishings compared to normal seasonal patterns, but the big surprise was that auto fuel prices were actually up 0.2% M/M, while our model was pointing to more like a 4% decline.”
“It’s hard to say why Norway didn’t see the passthrough from the huge drop in oil prices during the month, and whether this is something more permanent or something that will play catch-up next month.”