# Norway Holds Policy Rate at 4.5% as October CPI Reaches 3.6% By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/54154 Published: 2026-11-11T15:38:53.000Z Updated: 2026-11-11T15:38:53.000Z Section: Regulation > The rate took effect Nov. 6, and Norges Bank’s inflation target remains close to 2% over time. Norges Bank, Norway’s central bank, held its policy rate at 4.5% on Nov. 4, leaving another increase possible, while October data released six days later showed headline inflation rising and a tax-adjusted measure easing. The Monetary Policy and Financial Stability Committee unanimously kept the rate unchanged. At the time of its decision, September inflation stood at 3.4% for the consumer price index (CPI) and 3.0% for CPI adjusted for tax changes and excluding energy products (CPI-ATE). The October figures came after the decision. Consumer prices rose 3.6% in the 12 months through October, compared with 3.4% through September. CPI-ATE was 2.7%, down from 3.0% in September. The bank’s inflation goal is about 2% over time. Gov. Ida Wolden Bache said at a Nov. 5 press conference that rates may rise if needed. “Inflation is too high. It will likely be necessary to keep the policy rate elevated for a time, and we are prepared to raise the policy rate if needed to bring inflation down to target within a reasonable time horizon,” she said. The rate took effect Nov. 6. Norges Bank last raised it from 4.25% in September, with that move taking effect Sept. 25. The [September rate increase]() was the bank’s previous change. The committee prepared no new forecasts for its November meeting. The bank plans to announce its next rate decision and publish Monetary Policy Report 4/26 on Dec. 17. ## Links in this article - [September rate increase](https://www.tokenpost.com/news/regulation/24945)