According to Jinshi, Norway's core inflation rate in March was 4.5% year-on-year, lower than the Norwegian Central Bank's forecast of 4.7%. This data may foreshadow the first interest rate cut in September. However, Nordea Union Bank expects that the rate cut will not happen until December due to the weakening of the Norwegian krone, faster real wage growth, improved economic prospects and rising overseas interest rates. Norway's headline CPI was 3.9% in March, which makes both the core and headline indicators lower than the Norwegian Central Bank's estimates, which is good news for Norwegian households and the economy.