We usually do not comment on the release of CPIXE Norges Banks favourite measure for core inflation. But this time it?s necessary. CPIX came out at 1.2% (published on http://www.norges-bank.no/en/price-stability/inflation/table-cpi-cpi-ate-cpi-trimmed-mean-cpi-weighted-median/ at 14.00) compared to 0.9% last month. That is only 0.2% points above Norges Bank forecast compared to CPI-ATE which was 0.4% above forecast. CPIXE has on average been on Norges Bank forecast in March and April. It is partly lower forward prices on energy prices which explain that CPIXE now is 0.3% points below CPI-ATE compared to 0.1% points last month, but we believe rounding is also part of the explanation. We still believe in unchanged in June, but it is less obvious.
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