MNI BRIEF: Norges Bank Unchanged: Dec Hike On Track

Norges Bank, as widely expected, decided unanimously to keep the policy rate unchanged at 0.25 percent and it remains on track for a December hike. "The policy rate will most likely be raised in December," Governor Oystein Olsen said. No new set of forecasts was produced, with the Monetary Policy and Financial Stability Committee's previous projection from September showing the policy rate rising gradually to around 1.7% three years ahead .

In its assessment of economic conditions the committee said that the economic upturn in Norway was continuing broadly as expected and that although higher electricity prices had pushed up CPI underlying inflation, which it targets , remained below target and that "the recent krone appreciation could curb the rise in prices."