挪威OBX全股指数 (OsloBorsAllShare) 加自选

挪威的年度消费者通胀率从前一个月的2.6%降至2025年4月的2.5%，与市场预期一致。这标志着通货膨胀连续第二个月放缓，食品和酒精价格涨幅为近三年来最低（3.3%，而3月份为8.7%）。此外，健康（4.6%对4.8%）和餐馆和酒店（3.3%对3.4%）的成本都有所放缓，而服装价格继续下降（-1.8%对-2.0%）。相比之下，住房和公用事业（2.3%对1.3%）、家具和家庭维护（1.5%对0.4%）以及交通（2.8%对1.5%）的通货膨胀加速。按月计算，消费者价格指数上涨0.7%，扭转了3月份0.7%的跌幅，略高于预期的0.6%的涨幅。与此同时，经税收变化和不包括能源产品调整后的CPI同比上涨3.0%，低于3月份的3.4%，也低于3.2%的预测，为1月份以来的最低水平。

Norway's annual consumer inflation rate edged down to 2.5% in April 2025 from 2.6% in the previous month, aligning with market expectations. This marked the second consecutive month of slowing inflation, as food and alcoholic prices rose the least in nearly three years (3.3% vs 8.7% in March). Also, costs slowed for both health (4.6% vs 4.8%), and restaurants and hotels (3.3% vs 3.4%) while clothing prices continued to decline (-1.8% vs -2.0%). In contrast, inflation accelerated for housing and utilities (2.3% vs 1.3%), furnishings and household maintenance (1.5% vs 0.4%), and transport (2.8% vs 1.5%). On a monthly basis, consumer prices rose by 0.7%, reversing the 0.7% drop in March and slightly exceeding the expected 0.6% increase. Meanwhile, the CPI adjusted for tax changes and excluding energy products (CPI-ATE) rose 3.0% year-on-year, down from 3.4% in March and below forecasts of 3.2%, marking the lowest rate since January.

挪威的年度生产者通胀率从3月份的11.5%大幅降至2025年4月的2.1%，为11月以来的最低水平。石油和天然气开采价格下跌（-3.5%对3月份的17.2%）和能源商品价格下跌（-1%对16.2%）是导致经济急剧放缓的原因。制造业的价格增长也放缓（3.2%对5.9%），而电力、天然气和蒸汽的通货膨胀率上升（19.4%对13.9%）。不包括能源商品，4月份生产者价格指数同比上涨4.4%，低于上月6%的涨幅。生产者价格指数（PPI）在3月份下降7.1%后，每月下降5.4%，这是连续第二个月下降。

The annual producer inflation in Norway eased significantly to 2.1% in April 2025 from 11.5% in March, marking the lowest level since November. The sharp slowdown was driven by falling prices in the extraction of oil and natural gas (-3.5% vs 17.2% in March) and energy goods (-1% vs 16.2%). Price growth also slowed in manufacturing (3.2% vs 5.9%), while inflation picked up for electricity, gas, and steam (19.4% vs 13.9%). Excluding energy goods, producer prices rose 4.4% year-on-year in April, down from a 6% increase in the previous month. On a monthly basis, the Producer Price Index (PPI) declined by 5.4%, following a 7.1% drop in March—marking the second consecutive month of decline.

挪威央行在2025年5月的会议上将其关键政策利率维持在4.5%不变，将利率维持在15年来的最高水平超过一年，这与市场预期和央行的信号一致。与其他忽视G10货币的货币当局一样，挪威央行强调，美国和其他主要经济体设置的贸易壁垒增加了全球宏观经济背景的不确定性。该行委员会指出，尽管通胀率已从2023年以来的高位放缓，但仍高于目标，在经济前景不确定的情况下，过早降息有可能导致价格增长反弹。尽管如此，央行表示，今年晚些时候开始降息周期可能是合适的，尽管如果贸易战升级并引发对挪威经济的冲击，该指导可能会被取消。

The Norges Bank held its key policy rate unchanged at 4.5% in its May 2025 meeting, maintain the rate at the 15-year high for over one year, consistent with market expectations and signals by the central bank. Like other monetary authorities that overlook G10 currencies, the Norges Bank stressed that trade barriers put up by the United States and other major economies raise uncertainty on the global macroeconomic backdrop. The bank's Committee noted that while inflation has slowed from the elevated levels since 2023, it remains above target, and premature rate cuts risk a rebound in price growth amid he uncertain economic scenario. Still, the central bank signaled that it will likely be appropriate to commence its cutting cycle later in the year, albeit the guidance may be pulled should trade wars escalate and trigger shocks to the Norwegian economy.

挪威的制造业产量与2025年3月的一个月前持平，此前2月份向下修正了1.3%的增长。纺织品、服装和皮革（2月份为0.7%对-2.2%）、纸张和纸制品（3%对-3.6%）的产出反弹，而基础化学品（6.3%对3.6%）和运输设备（1%对0.7%）的增长加快。然而，这些增长被印刷（-1%对1.7%）、橡胶、塑料和矿产品（-1%比1.6%）以及计算机和电气设备（-3.7%对5.3%）的再次下降所抵消。按年计算，制造业产出小幅增长0.1%，与2月份6%的增幅相比大幅放缓，这是7个月来的最高增幅。

Norway’s manufacturing production was flat from a month earlier in March 2025, following a downwardly revised 1.3% increase in February. Output rebounded in textiles, wearing apparel and leather (0.7% vs -2.2% in February), and paper and paper products (3% vs -3.6%), while growth accelerated in basic chemicals (6.3% vs 3.6%) and transport equipment (1% vs 0.7%). However, these gains were offset by renewed declines in printing (-1% vs 1.7%), rubber, plastics and mineral products (-1% vs 1.6%), and computer and electrical equipment (-3.7% vs 5.3%). On a yearly basis, manufacturing output edged up by 0.1%, a sharp slowdown from the 6% gain recorded in February—the highest in seven months.