Norges Bank raised its policy rate to 4.50% as it continues to address InflationInflation refers to a sustained rise in the general price level that reduces the purchasing power of money. The term belongs in Level 7 because it helps connect macro conditions...Read More pressures. The Central BankCentral Bank refers to the public monetary authority responsible for managing a currency system and implementing monetary policy. The term belongs in Level 7 because it helps co...Read More also kept the possibility of further rate hikes open if economic conditions and inflation remain elevated.
Norges Bank raised its policy rate by 25 basis points to 4.50% on September 24, saying tighter policy is needed to return inflation to its 2% target. Governor Ida Wolden Bache said rates will likely remain elevated for a time and the bank is prepared to tighten further if needed. The new forecast keeps rates higher for longer than projected in June, while inflation is expected to return to 2% in 2029.
