Norges Bank could raise interest rates as early as August if Friday's consumer price index data comes in hotter than expected, according to macroeconomic analysis cited by VG.
The prospect of a pre-summer rate hike underscores the central bank's reluctance to declare victory over inflation while price pressures remain elevated.
The warning highlights the delicate balance facing policymakers.
With inflation expected to remain stubbornly high, any data point that exceeds consensus estimates could force the central bank's hand, pushing back expectations for a pause or cuts later in the year.
Markets are closely monitoring the upcoming release for signs of whether the disinflationary trend is holding or reversing.
This development adds to the growing uncertainty surrounding the Norwegian monetary policy path.