Given the backdrop of a tightening labour market, the fall in CPI-ATE is likely to be a one-off. We think that once the latest wave dissipates, the core inflation rate will pick up again and may rise above the Norges Bank’s target in the coming months.
Drop-In (10 February, 11:30 GMT): The Riksbank’s dovish stance looks increasingly untenable in a world of policy tightening, but how far will it go to embrace the hawkishness of its peers? David Oxley and Jonas Goltermann will be online to discuss the Swedish monetary policy outlook following the latest statement this morning. Registration details.
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