The Consumer Price Index (CPI) rose 0.6 percent from June to July 2016, according to Statistics Norway (SSB).
According to a compilation done by TDN Finans was expected in advance of a fall of 0.1 percent.
the twelve-month change in the CPI was 4.4 percent in July, compared with an expected increase of 3.8 percent.
This is the largest twelve-month growth since October 2008. the rise in the annual growth in the CPI was partly caused by development in airline fares, which rose roughly 11 percent from June to July 2016. in the same period a year ago fell the roughly 6 percent.
the price development of electricity and food also pulled the growth rate upward. In the opposite direction the price trend of gasoline, which fell 1 percent from June to July 2016, but rose 1.6 percent in the same period in 2015, it appears from today’s report from Statistics Norway.
Clean Cut?
– This makes us even more certain that it does not come any rate cuts in September, says the chief economist at Nordea Markets, Kjetil Olsen, told Reuters.
He believes the discrepancy is so large that Norges Bank must take Due to and raise the forecast, and also points out that this comes on top of both good unemployment figures and house prices.
– Norges Bank must now face the fact that inflation is higher than expected, it can not say that everything is temporary, says Olsen.
Senior economist at DNB Markets, Kyrre Aamdal, believes this isolated set advocating less need to cut interest rates.
– This indicates slightly less chance of rate cuts in September, although it is too early to conclude, he said.
Chief strategist in SEB, Erica Blomgren, has, however, still believe in a September cut.
– we believe in September to cut because Norges Bank has nailed rate cuts in the interest rate path, but we think it is the latter. From macro data lately and financial stability we mean clean the bottom should have been reached already, she said to the news agency.
Food
The main reason for the rise in the CPI in July was still, as in the previous month, a solid price increase in food prices, which now had increased prices for four consecutive months, according to Statistics Norway.
” Food prices have traditionally risen somewhat from June to July, this year the increase was 3.1 percent. the rise in meat at 3.2 percent contributed most to the increase in the CPI total sets, while fish and seafood was the group that had the greatest price increase by 5.9 percent “the statement said.
” All subgroups had price increases of over 2 percent. Overall, prices of imported agricultural goods 3.3 percent from June to July, while the Norwegian agricultural goods rose 1.9 percent in price in the same period. for non-alcoholic beverages was the price rise 2.1 percent from June to July, “continues SSB.
the prices of transport increased 4.9 percent from June to July and was another important reason for the rise in the CPI.
“Airline fares rose 11.1 percent, and it was especially overseas trips, which increased in price. Prices of tours with taxi was measured in July and the increase in these also contributed to the rise in transport service index “writes SSB.
Read more about CPI here.
CPI-ATE
Core inflation (CPI-ATE), which is the consumer price index adjusted for tax changes and excluding energy products, rose 0.7 percent in July.
According to a compilation done by TDN Finans was beforehand expecting an increase of 0.1 percent.
Over the year ended core inflation up 3.7 percent, compared with an expected growth of 3.1 percent.
PPI
Producer Price index (PPI) rose by 0.4 percent from June to July.
Metal prices in the PPI reached in July the highest level since november 2015, and contributed to the rise. they have now risen continuously since April – and from June to July rose 4 percent , according to Statistics Norway.
“It was the non-ferrous metals increased the most, with an increase of 5.3 percent. Nickel, aluminum, zinc and copper, which are included in the Norwegian metal production and thus in PPI, rose all in price, “the statement said.
From July 2015 to July 2016 fell PPI 7.2 percent.
Learn more about PPI here.
news:
Do not think of more interest rate cuts – believes bottomed
have kjellerstue? It can quickly be expensive
Sharp fall in employment among young
No comments:
Post a Comment