Norwegian rates rise to five-year high

Norges Bank has increased its benchmark rate by a quarter point to 5.75%, its highest level since January 2003.

Jan Qvigstad, the deputy governor at the central bank, said on Monday that the decision to raise the key policy rate was made on the back of slightly higher-than-expected inflation. "There is the possibility that inflation will further rise. We give weight to preventing the higher rate of inflation becoming entrenched. It is therefore appropriate to raise the interest rate now,"

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