European rates: Norway expects more tightening next year

Norges Bank HQ, Oslo
Norges Bank headquarters, Oslo
Photo: Espen Schive

Norway: Norges Bank raised its policy rate by 25 basis points on December 15, to 2.75%. The decision marks the eighth rate hike in 15 months, totalling 275bp.

The central bank signalled it expected at least one further increase, as governor Ida Wolden Bache predicted “the policy rate will be around 3% next year”.

In her press statement, the governor said Norway recorded headline year-on-year inflation of 6.5% in November, well above the 2% target. Inflation fell from its October figure of 7.5%

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