Norway holds its policy rate at 4.5%, leaving another hike possible

November 5, 2026. Norges Bank announced that it kept its policy rate unchanged at 4.5%. The committee made the unanimous decision at its November 4 meeting, following September’s increase.

Why it matters

Annual inflation stood at 3.4% in September, above the 2% target; the underlying measure cited by the bank was 3.0%. The committee expects restrictive policy to remain necessary for some time and is prepared to raise rates if the inflation outlook warrants it.

Rockstar Briefing analysis

The decision illustrates the challenge of reducing persistent inflation without restraining a slowing economy more than necessary. The willingness to raise rates is conditional and does not amount to an announced increase.

Primary source: Norges Bank statement.