While global financial markets are obsessing over the possible rebirth of inflation, there are precious few signs that it is about to take off in Scandinavia. The increases in headline inflation for September in Norway and Sweden were due to higher energy inflation. This should drop sharply next year as the supply of renewable electricity rebounds. Meanwhile, the US Treasury is due to publish its latest report on “currency manipulators” in the coming week or so but Switzerland should again get a free pass.
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