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The Monetary Policy and Financial Stability Committee of Norges Bank unanimously decided to increase the base interest rate by 0,25 percentage points to 4%.
Since the publication of the Monetary Policy Report 2/23, overall economic development has been more or less in line with expectations. Activity in the Norwegian economy remains high and the labor market is tight. At the same time, interest rates appear to be tightening and the pressure on the economy is easing. Consumer price inflation has slowed somewhat but remains high and well above target. Core price growth remained high. The Committee assesses that a slightly higher interest rate is needed to bring inflation back to target.
– Follow-up interest rate will depend on economic development. If everything goes as we think, we will raise the main interest rate in September, says central bank president Ida Wolden Bache.
If the koruna is weaker than previously estimated or pressure in the economy persists, a higher interest rate than signaled in June may be needed to bring inflation down. In the event of a stronger slowdown in the Norwegian economy or a faster fall in inflation, the interest rate may be lower than we assumed in June.
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Source: Norges Bank
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