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Norway Inflation Increases In January

Norway's consumer price inflation increased in January, data from Statistics Norway showed on Wednesday.

The consumer price index rose 2.5 percent year-on-year in January, following a 1.4 percent increase in December. Economists had expected rise of 1.7 percent.

Prices for furnishings, household equipment and routine maintenance grew 6.2 percent yearly in December. Prices for housing, water, electricity, gas and other fuels, and recreation and culture gained 3.8 percent and 3.5 percent, respectively.

Prices for miscellaneous goods and services rose 2.9 percent. Prices for communication, and restaurants and hotels increased by 2.6 percent and 2.4 percent, respectively.

The core inflation rate eased to 2.7 percent in January from 3.0 percent in the preceding month. Economists had expected a rate of 2.4 percent.

On a month-on-month basis, consumer prices rose 1.1 percent in January, following a 0.4 percent growth in the prior month.

The core CPI rose 0.1 percent monthly in January, after a 0.4 percent increase in the preceding month. Economists had forecast a fall of 0.2 percent.

The EU measure of harmonized index of consumer prices, or HICP, rose 2.7 percent yearly in January, following a 1.4 percent increase in the prior month.

On a monthly basis, the HICP rose 1.1 percent in January, following a 0.6 percent increase in the preceding month.

Separate data from the statistical office showed that the producer price index grew 0.6 percent annually in January, after a 5.7 percent decrease in December.

On a monthly basis, producer prices gained 5.3 percent in January, following a 1.6 percent rise in the preceding month.

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