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Executive Board meeting 23 January 2008

2. 2. The Executive Board's strategy. The key policy rate should be in the interval 4 - 5% in the period to the publication of the next Monetary Policy Report on 13 March 2008, unless the Norwegian economy is exposed to major shocks. Given the inflation target, we will be mindful of the effects of

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Executive Board meeting 23 January 2008

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    1. 1 Executive Board meeting 23 January 2008

    2. 2 The Executive Board’s strategy The key policy rate should be in the interval 4¾ - 5¾% in the period to the publication of the next Monetary Policy Report on 13 March 2008, unless the Norwegian economy is exposed to major shocks. Given the inflation target, we will be mindful of the effects of higher interest rates on the krone exchange rate when inflation is low.

    3. 3 Baseline scenarios in Monetary Policy Report 3/07 In per cent. 2005 Q1 – 2010 Q4

    4. 4 CPI-ATE1) Total and by imported and domestically produced goods and services2). Projections in MPR 3/07 (broken line). 12-month change. In per cent

    5. 5

    6. 6 CPI-ATE Highest and lowest monthly change in the period 1999 – 2006 and monthly change in 20061) and 2007. In per cent

    7. 7 Domestic supplier sectors in the CPI-ATE 12-month change. In per cent. January 2004 – December 2007

    8. 8

    9. 9

    10. 10

    11. 11 Index of commodity consumption Volume. Seasonally adjusted. Jan 2005 – Nov 2007

    12. 12

    13. 13

    14. 14

    15. 15

    16. 16 Unemployment and employment growth in the US Seasonally adjusted unemployment. 12-month employment growth. In per cent. Jan 1995 – Dec 2007

    17. 17 Equities Indices 1 Jan 2007 = 100. 1 Jan 2007 – 22 Jan 2008

    18. 18 Oil price (Brent Blend). Spot and futures prices In USD per barrel. 1 Jan 2003 – 1 Dec 2009

    19. 19 Commodity prices, metals In SDRs. Indices. 3 Jan 2005 = 100. 3 Jan 2005 – 22 Jan 2008

    20. 20 Commodity prices, food In SDRs. Indices. 1 Jan 2005 = 100. 3 Jan 2005 – 22 Jan 2008

    21. 21

    22. 22

    23. 23

    24. 24

    25. 25 3-month interest rate differential and import-weighted exchange rate (I-44)1) Jan 2002 – Dec 2010

    26. 26 The Executive Board’s strategy The key policy rate should be in the interval 4¾ - 5¾% in the period to the publication of the next Monetary Policy Report on 13 March 2008, unless the Norwegian economy is exposed to major shocks. Given the inflation target, we will be mindful of the effects of higher interest rates on the krone exchange rate when inflation is low.

    27. 27 Executive Board meeting 23 January 2008

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