I lost 30 in two months without exercise. I added exercise and stalled for a MONTH! I don't know if that's normal, but it happened to me.
I think it's normal. I lost inches along the way though.
Plus, I've read that when we diet without the exercise, up to 40% of what we lose may be muscle loss. I figure that by adding exercise you're probably building that muscle back up, or at least keeping it rather than losing it which makes a bit heavier. But it isn't fat-heavy it's muscle-heavy. These are the mental pictures that keep me going.