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Prices at the Pumps - March 20, 2024 #saltwire #energymarkets #pricesatthepumps #gaspricesOSLO - Norway's central bank kept its benchmark interest rate unchanged at 4.50% on Thursday, as unanimously expected by analysts, and signalled it plans a single cut to the cost of borrowing this year, less than anticipated by most economists.
The forward rate curve for the years 2024 to 2026 was largely unchanged from levels seen in December, Norges Bank's monetary policy report showed. Analysts in the Reuters poll on average have forecast that Norges Bank will cut the cost of borrowing twice in the second half of 2024, to 4.0% by year-end.
Norges Bank expects core consumer prices to rise by 4.1% this year, less than the 4.8% seen in December. Core inflation stood at 4.9% year-on-year in February, an 18-month low, but still exceeding the central bank's goal of 2.0%.
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