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Norway's Inflation Steady At 1.6%

Norway's consumer price inflation remained stable in January, Statistics Norway said Friday.

Consumer prices climbed 1.6 percent annually, the same rate as seen in December. The rate also matched economists' expectations.

Month-on-month, consumer prices fell 0.1 percent, in contrast to a 0.1 percent rise economists had forecast.

At the same time, core inflation slowed to 1.1 percent from 1.4 percent a month ago. The rate was expected to rise to 1.5 percent.

Producer price inflation accelerated to a 9-month high of 10.3 percent in January from 7.3 percent in December.

On a monthly basis, producer prices climbed 3.1 percent after gaining 2.9 percent a month ago. The increase was largely driven by higher prices on crude oil and natural gas.

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