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Record low prices give hope for interest rates

The price increase has fallen to record low levels in Norway and expectations about a new cut in interest rates are high.

Inflation is down to a record low annual of 0.7 percent, according to new Norwegian statistics.

Economists had expected the price growth to stop at 0.8 percent.

«This is a record low and it will increase the pressure on the national bank», said financial expert Eric Bruce at Nordea Markets.

The value of the Krone falls

After the statistics were made public at 10 a.m. Norwegian time, the value of the Norwegian Krone (NOK) falls. The market is nervous and there is uncertainty about the outcome of the meeting in the national bank on Wednesday.

Nordea Markets believe in a 0.5 percentage point cut.

The fall in price growth is primarily due to lower prices on clothes and electricity.

The prices on clothes and shoes fell by a total of 5.3 percent in July as a result of summer sales.

The price on electricity fell by 5.3 percent from June to July, and the prices on electricity will continue playing an important role in the development of consumer prices in Norway.

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