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Policy rate raised to 3 percent
Norges Bank's Monetary Policy and Financial Stability Committee has unanimously decided to raise the policy rate from 2.75 percent to 3 percent. The Committee assesses that a higher policy rate is needed to curb inflation. Inflation is markedly above target. Growth in the Norwegian economy is slowing, but economic activity remains high. The labour market is tight, and wage growth is on the rise. “There is considerable uncertainty about future economic developments, but if developments turn out as we now expect, the policy rate will be raised further in May”, says Governor Ida Wolden Bache. Since the December ... (full story)