Norway Credit Growth Holds at 4.1% as Spain PPI Slows Further

Norway’s credit indicator, a broad measure of debt held by households, non-financial companies and municipalities, rose 4.1% year on year in July, matching the pace recorded in June. The steady reading suggests credit conditions in the Norwegian economy remain broadly stable as the central bank maintains restrictive monetary policy to curb inflation. In Spain, producer price pressures continued to cool. The July Producer Price Index increased 0.8% from the previous month, a sharp slowdown from June’s revised 3.3% rise. On an annual basis, factory-gate prices advanced 0.3%, down from 0.8% the previous month, reinforcing evidence that disinflation is filtering through the production pipeline across the euro area.