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Sweden Inflation At 57-Month High

Sweden's consumer price inflation accelerated more-than-expected in December to the highest level in nearly five years, figures from Statistics Sweden showed Thursday.

The consumer price index climbed 1.7 percent year-over-year in December, faster than the 1.4 percent rise in the previous month. That was just above the 1.6 percent increase expected by economists.

The latest inflation was the strongest since February 2012, when prices had grown 1.9 percent.

The upward trend in December was largely driven by a 9.1 percent surge in prices for transport services.

Month-on-month, consumer prices rose 0.5 percent in December, after remaining flat in November. The figure also matched consensus estimate.

Underlying inflation also accelerated to 1.9 percent in December from 1.6 percent a month ago. It was forecast to climb to 1.8 percent.

On a monthly basis, underlying consumer prices grew 0.5 percent from November, when it increased by 0.1 percent. The expected rate of rise for the month was 0.4 percent.

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