Norges Bank hikes rate by 50bp for third time in a row
Norwegian central bank revises inflation forecast up and future GDP estimate down
Norges Bank’s monetary policy committee increased the policy rate by 50 basis points, to 2.25%, at its policy meeting today (September 22).
Governor Ida Wolden Bache said “the policy rate will most likely be raised further in November”. Norges Bank also revised its medium-term forecasts, predicting both slower GDP growth and higher inflation than it previously had.
The central bank stressed inflation is way over its 2% target, and therefore further tightening is needed. But it also said its
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