Norway’s Karsten Warholm had the race of his life this week, but if only it were as easy for economic policymakers to achieve the 1-2% productivity gains that the super-springy running track in Tokyo has yielded. Next week, we expect consumer price inflation data for July from Norway and Sweden to show that energy effects pushed the headline rates higher, and our forecast for CPIF is above the consensus. However, we think that the core measures will have fallen in both countries.
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