Norges Bank increases rates despite below-target inflation

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Norges Bank’s monetary policy committee increased interest rates by 25 basis points to 0.5% at its monetary policy meeting today (December 16).

The MPC raised rates in the face of higher Covid-19 infections in Norway and below-target inflation. Despite the rise, Norway’s real interest rates remain at a negative level and the MPC noted that “monetary policy is expansionary”.

The consumer price index ATE (adjusted for tax changes and excluding energy products) rose year on year by 1.3% in

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