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The central bank Norges Bank maintained its key interest rate at 4.5 percent during its latest monetary policy meeting, but has not ruled out further increases. Marius Gonsholt Hov, Norges Bank's chief economist at Handelsbanken, stated that the bank is open to raising rates, noting that there is still a considerable amount of time until the December meeting.

While the risk of another rate hike has decreased, Norges Bank has emphasized its readiness to raise interest rates if necessary. The likelihood of a rate hike now is lower than it was a month ago. In September, Norges Bank raised its policy rate to 4.5 percent, and many economists have concluded that the peak of the rate has been reached.

Chief economist Kjersti Haugland at DNB Carnegie believes the peak has been reached and that the bank will likely keep the current level for a longer period. She also mentioned that the bank is prepared to raise rates if needed. Haugland pointed out that the central bank's projection remains consistent with the one made in September, and the risk profile is now more skewed towards higher rates than lower in the coming years.

Although Haugland thinks the peak has been reached, she stated that DNB Carnegie is vigilant for signs that rates might be raised further. This could happen if international rates rise again or if the krone's exchange rate weakens. While Norges Bank expects inflation to come down to its target of 2 percent within the next three years, DNB Carnegie is less confident.

The bank is concerned that international price increases could make the bank's task more difficult than expected. They believe that domestic price increases are unlikely to fall as sharply as expected within the next three years, according to Haugland. But Norges Bank remains confident in its assessment, and we'll have to wait and see who is right.