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OSLO - Norway's central bank kept its benchmark interest rate unchanged at 4.25% on Thursday, as widely expected, and said it would likely raise the cost of borrowing next month unless inflation showed a continued decline.
"If the committee becomes more assured that underlying inflation is on the decline, the policy rate may be kept on hold," she added. Norwegian consumer prices have fallen faster than expected in recent months, below the central bank's forecasts as well as those of analysts, but they still exceed the official 2.0% inflation target.
"The labour market is still tight, but pressures in the Norwegian economy are easing. Inflation is markedly above the 2% target. Consumer price inflation has moved down, but underlying inflation is high," Norges Bank said. On a trade-weighted basis, the currency had weakened by around 6% from early August until Wednesday's market close.
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