Executive Board meeting 28 January 2004

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

3.2 Projections from IR 2/03: The CPI-ATE and the output gap with a sight deposit rate of 4 per cent and import-weighted krone. exchange rate equal to the average for 3/6

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

Given the inflation target, we will be mindful of the effects of higher interest rates on the krone exchange rate when inflation is low. Monetary Policy Report 3/07