On the whole, developments since March have not deviated substantially from the projections in the March 2016 Monetary Policy Report. Consumer price inflation remains elevated, but a stronger krone may contribute to a slightly more rapid decrease in inflation than projected in March. On the other hand, the rise in oil prices may reduce uncertainty and contribute to somewhat higher growth in the Norwegian economy.

"An overall assessment of new information indicates that the key policy rate should be kept unchanged at this meeting", says Governor Øystein Olsen.

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