Norway’s krone fell Friday after inflation data for December became the latest Norwegian economic indicator to undershoot forecasts, Wall Street Journal said.

The closely watched consumer price index adjusted for tax changes and excluding energy products, or CPI-ATE, rose 2.0% in annual terms, well below the 2.3% expected by analysts polled by the Wall Street Journal.

Nordea bank analyst Erik Bruce said the lower-than-expected food price inflation probably caught most analysts out, WSJ reported.

The krone also came under pressure against the Swedish krona, falling to as low as SEK1.0538.

“The krone has not had that good of a start to the new year because data keeps coming in below expectations,” Antje Praefcke, a currencies strategist at Commerzbank, told WSJ.”The general market sentiment is skeptical towards Norway, so they see the below-expected (inflation) number and sell the krone.”