Record-high inflation piles pressure on Norges Bank

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Inflation in Norway rose by a new record high in July, putting pressure on Norges Bank to deliver a higher interest rate increase at its next monetary policy meeting on August 18.

Last month the core inflation measure CPI-ATE rose year on year by 4.5%, up from 3.6% in June, according to Statistics Norway. Norges Bank uses CPI-ATE as its key measure of underlying price pressures.

The increase in the reading was almost exclusively driven by consumer goods inflation, which rose from 4% in June to

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