Norway holds rates as inflation creeps up

Norway's central bank kept its policy rate at 5.5% in the face of above-target inflation, concerns over continued market turbulence and signs of slowing growth.

Although high inflation now would merit a rise in rates, "against the background of the turbulence in financial markets, high premiums in the money market and uncertainty about the global economic outlook, it is nevertheless appropriate to leave the key policy rate unchanged now," said the governor, Svein Gjedrem.

The year-on-year rise

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