Confirmed
Norway holds its policy rate at 4.5%
Norges Bank announced on 5 November 2026 that its policy rate would remain at 4.5%, following its committee meeting the previous day. It retains the option of raising rates again if warranted by the inflation outlook.
The bank considers inflation too high. It cites annual consumer price inflation of 3.4% in September and a measure excluding energy and tax changes of 3%, against a 2% target.
The committee judges restrictive policy still necessary while seeking to avoid tightening more than needed. No new forecasts were prepared for this meeting. The next decision, accompanied by a monetary policy report, is scheduled for 17 December; its outcome is not predetermined.