Norwegian households expect somewhat faster inflation over the next year than they foresaw a quarter ago, signaling that price pressure in the Nordic country isn’t abating.

Households now see inflation at 4.3% in a year’s time, compared with 4% previously, Ipsos said in a quarterly survey conducted for the central bank and published on Friday. Over the next two to three years, Norwegians expect annual inflation to be 4.5%, up from 4.3% seen in the prior quarter.

Norwegians have so far largely shrugged off rising credit costs and a decline in purchasing power, partly thanks to government subsidies on electricity. Core inflation targeted by Norges Bank decelerated last month from a record level to a rate of 6.4%, in relief for policymakers who on Thursday slowed the pace of key rate hikes and signaled they are likely to end tightening next month at 4.25%.

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