Norwegian Key Policy Rate N/A 4.25% vs. Exp. 4.25% (Prev. 4.25%); "the policy rate will likely be raised in December". "If the Committee becomes more assured that underlying inflation is on the decline, the policy rate may be kept on hold”

Rates

“Based on the Committee’s current assessment of the outlook, the policy rate will likely be raised in December.
"The policy rate is likely close to the level needed to tackle inflation, which provides the Committee with a little more time to assess whether there is a need to raise the policy rate further".
"If the Committee becomes more assured that underlying inflation is on the decline, the policy rate may be kept on hold”
There will likely be a need to maintain a tight monetary policy stance for some time ahead.

Labour Market

The labour market is still tight, but pressures in the Norwegian economy are easing

Inflation

The longer inflation remains high, the more costly subsequent disinflation may prove to be.
Since the September 2023 Monetary Policy Report, inflation has fallen more than expected, and economic activity has been somewhat lower than projected.
On the other hand, the krone depreciation may contribute to sustaining inflation.