NOK rises on hot December inflation print – BBH

FXStreetJan 9, 2026 12:12 PM

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The Norwegian Krone (NOK) jumped following December CPI data, with headline inflation surprising to the upside and reinforcing the Norges Bank’s cautious approach to easing, BBH FX analysts report.

Persistent above-target inflation supports Norges Bank policy

"NOK had a kneejerk upswing after Norway December inflation ran hot. Headline CPI rose to 3.2% y/y (consensus: 2.9%) vs. 3.0% in November and underlying CPI increased 0.1pts to 3.1% y/y (consensus: 3.0%)."

"Persistently above target inflation backs the Norges Bank’s prudent easing of monetary policy stance and is NOK supportive. The Norges Bank has penciled in one 25bps cut in the next 12 months to 3.75%. That’s in line with interest rate futures."

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