Norway’s core inflation rebounds, boosting currencyOSLO (Reuters) – Norway’s consumer prices rose sharply in January from a year earlier, official data showed on Monday, strengthening the crown currency ahead of a Feb. 13 speech by the central bank governor.
Core inflation, a key measure for monetary policy, stood at 2.9% year-on-year, Statistics Norway (SSB) said, up from 1.8% in December, while analysts in a Reuters poll on average had expected a rebound to 2.0%.
Food, transportation and several service categories were among the factors pulling up prices, Statistics Norway (SSB) said in a statement.
The crown rallied to 10.1179 against the euro following the 0600 GMT data release from 10.1518 earlier.
The currency weakened last year despite several central bank rate hikes, and hit an all-time low of 10.3121 against the euro in October.
Central bank governor Oeystein Olsen is due this week to hold his annual speech to Norwegian business leaders and politicians, in which he is expected to give a broad outline of the country’s economic prospects.
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