In a speech 'On monetary policy and the krone' given on 7 June, Svein Gjedrem of Norges Bank said with the current low level of inflation, it is appropriate to be particularly vigilant with regard to developments in consumer prices. However, consumer prices may show random variations from one month to the next. We now have several monthly observations showing a rise in prices that is consistent with the most recent forecasts.

Later this year, we will receive further confirmation of whether