RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
Japan Economy Poised for Q4 2025 Growth as Investment and Consumption Hold Firm 
Indian Refiners Scale Back Russian Oil Imports as U.S.-India Trade Deal Advances 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility 
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains 
Norway’s core consumer price inflation remained well below target, while headline inflation is lifted by higher electricity prices. The drop in core inflation in June was as expected by Norges Bank and does not change the interest rate outlook.
"We continue to expect a rate hike in September, which was also clearly communicated by Norges Bank in June," according to the latest report from DNB Markets.
The upturn in the Norwegian economy is continuing and Norges Bank has made clear it is willing to accept temporary low inflation as long as the real economy is improving and there is outlook for increasing wages and prices ahead. Besides, we get to more monthly inflation observations before the next MPR in September (the August meeting is without MPR or new forecasts).
Core inflation (CPI-ATE) was 1.1 percent y/y in June, down from 1.2 percent in May. Consensus expected 1.1 percent according to Bloomberg and Norges Bank projected 1.1 percent in the June MPR. Prices for imported goods rose 0.4 percent y/y as in May. Other core prices rose by 1.5 percent, compared to 1.6 percent in May.
Meanwhile, the total consumer price index rose by 2.6 percent y/y in June. Consensus expected 2.4 percent, while Norges Bank forecast 2.3 percent.
