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Norway’s central bank hikes rates by 50 basis points


A pedestrian passes the closed entrance to the headquarters of Norges Bank, also known as the central bank, in Oslo, Norway, on Wednesday, Oct. 29, 2014. Krister Soerboe/Bloomberg | Bloomberg | Getty ImagesNorway’s central bank on Thursday hiked its benchmark interest rate by 50 basis points and flagged a likely further hike in September as inflation soars.The increase takes the Norges Bank’s sight deposit rate to 1.75% from 1.25%, exceeding its prior forecast in June. Norwegian inflation hit an annual 4.5% in July, up from 3.6% in June and well ahead of consensus projections for 3.8%.This is a breaking news story, please check back later for more.

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