Norway raises rates

Norway's central bank surprised markets by hiking its benchmark rate 25 basis points to 5% on Wednesday.

The central bank's rate-setting board was widely expected to hold the benchmark sight deposit rate.

The increase was a response to rising cost inflation, the central bank said. It added that there were "prospects of a further pick up in price inflation", suggesting that further tightening could follow this decision.

It said it would be "mindful" of the impact of higher rates on the currenc

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