Global inflation becoming more entrenched, Norway wealth fund CEO says

Kitco Media
By Reuters
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Reuters
By Gwladys Fouche OSLO, April 18 (Reuters) - Global inflation is becoming more entrenched and the risk is that it could be harder to reduce it, the head of Norway's $1.4 trillion sovereign wealth fund told Reuters on Tuesday. The Norwegian fund is the world's largest single stock market investor, owning 1.5% of all globally listed shares with stakes in some 9,200 companies. "We still think that there is a risk that it could be more difficult to get down because it is becoming more entrenched," Nicolai Tangen said on the sidelines of a parliamentary hearing. "We see core inflation numbers are pretty high. We are seeing no let-up in the food sector, for instance, and we are seeing some higher wage demands, across Europe." China's economy grew 4.5% year-on-year for the first quarter, eclipsing the expectations of most economists, data released on Tuesday showed. "Chinese growth numbers were higher than expected. We have said for a very long time if the Chinese growth is really strong it will also help underpin the inflation," Tangen said. (Reporting by Gwladys Fouche, editing by Terje Solsvik)

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