Executive Board Meeting 22 September 2004

Twelve-month change. Sources: Statistics Norway and Norges Bank.. CPI and indicators of underlying

of the CPI adjusted for tax changes and excluding energy products (CPI-ATE), various measures of the real after-tax interest rate, the housing stock (as

Sources: Statistics Norway and Norges Bank Domestically produced goods and services (0.7). Imported consumer goods

1) Adjusted for tax changes and excluding energy products (CPI-ATE) The bands in the fan indicate different probabilities for consumer price

5.7 Projections for CPI-ATE based on different interest rate and exchange

The Governor presented a review of the main economic developments since the previous Executive Board meeting, with particular emphasis on developments in money, foreign exchange

Consumer prices adjusted for tax changes and excluding energy products (CPI-ATE) ... 12-month rise.. Actual developments and expected key rate 1) at 29 Jun 04.

Projections for the CPI from this Report form the basis for this estimate. 2) 10-year swap rate deflated by the inflation target. 3) Calculations may indicate that the normal