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Norway's central bank kept interest rates steady at a 17-year high of 4.5%, postponing a long-expected rate cut as inflation rose faster than anticipated.
Key Points:
Norges Bank had earlier hinted at a 0.25% rate cut in March, but reversed course due to inflation risks.
Core inflation in February jumped to 3.4% from 2.8% in January — far above the 2% target.
Governor Ida Wolden Bache warned that cutting rates too soon may fuel further price rises.
The policy rate is now projected to fall to 4.0% by year-end, higher than the previous forecast of 3.75%.
Longer-term, Norges Bank sees a gradual rate decline in the coming years.
The Norwegian crown strengthened slightly following the decision, trading at 11.34 against the euro.
Economic Outlook:
Norges Bank raised its core inflation forecast for 2025 to 3.4%, up from 2.7%, and 2.9% for 2026.
Despite global uncertainty, Norwegian businesses expect stable growth, with Q1 outlook improving.
However, non-oil GDP growth is now forecast at 1.2%, slightly down from the previous 1.4%.
Unlike many Western peers who began easing last year, Norges Bank remains cautious, opting to prioritize inflation control over growth support — at least for now.
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