Norway’s central bank kept its key policy rate unchanged at 4.5% at its November 2026 meeting, in line with market expectations, after raising the rate by 25 basis points in September. “Inflation is too high. It will likely be necessary to keep the policy rate elevated for a time, and we are prepared to raise the policy rate if needed to bring inflation down to target within a reasonable time horizon,” said Governor Ida Wolden Bache.
Policymakers noted that inflation remains significantly above target and that the sharp increase in business costs in recent years is likely to keep price pressures elevated going forward. The Committee also stated that it has not received any information suggesting that the outlook for the Norwegian economy has changed materially since the September monetary policy meeting.
