• Clearly weaker than expected. Seems to be a rather broad downturn. Food prices lower than we expected.
• CPIF-inflation came in at 0.4% versus consensus and Riksbank call at 0.7%.
• Riksbank will only have one more inflation print before April meeting. => increased pressure on Riksbank.
Details, January:
CPI m/m: -1.2% (Nordea -0.94; consensus -0.9; prior 0.3)
CPI y/y: -0.2% (Nordea 0.0; consensus 0.1; Riksbank 0.1; prior 0.1)
CPIF m/m: -1.1% (Nordea & consensus -0.9; prior 0.3)
CPIF y/y: 0.4% (Nordea 0.6; consensus 0.7; Riksbank 0.7; prior 0.8)
Nordea