Norwegian inflation accelerated in June, with headline consumer prices rising 0.5% from May and 3.1% from a year earlier, marginally above economists’ 3.0% forecast. Underlying inflation — a measure that strips out energy costs and taxes — inched higher for the first time in four months, a move traders said aligns with the central bank’s guidance that price pressures are easing but not yet tamed. The data leave Norges Bank on course to begin cutting rates after the summer, as policymakers have indicated they want clearer evidence of a sustained slowdown before loosening policy. The bank’s benchmark rate stands at 4.5%, its highest since 2008. Elsewhere in Europe, Germany’s Federal Statistical Office confirmed consumer prices were flat on the month and up 2.0% on the year in June, the lowest annual reading since October 2024. In the Czech Republic, inflation quickened to 2.9% year-on-year, the fastest pace this year, driven chiefly by higher food costs.