Norway’s Sept core inflation steady

Oslo, Norway - Norway's annual core inflation rate remained steady at 3.0 percent year-on-year in September, according to data released by Statistics Norway on Friday, according to the report. This figure was consistent with the 3.0 percent reading from August and slightly below the 3.1 percent forecast by analysts in a Reuters poll.

Norges Bank had anticipated core inflation to be at 2.9 percent. The Norwegian krone, the country's currency, maintained a stable position against the euro at 10.72, following the release of the September data.

The central bank subsequently raised its policy interest rate to 4.50 percent in September and indicated a potential for further rate hikes to curb consumer prices. Norges Bank Governor Ida Wolden Bache stated at the time that sustained elevated interest rates were necessary to bring inflation under control and that the bank was prepared to raise rates again if the inflation situation warranted it. With the central bank aiming for 2.0 percent core inflation, the next policy rate decision is set for November 5.