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Norway central bank chief: rate hike needed to bring down inflation

© Reuters. FILE PHOTO: People go about their day near Norway’s central bank building in Oslo, Norway May 31, 2017. REUTERS/Ints Kalnins

OSLO (Reuters) – Norway’s central bank raised its key policy rate by 50 basis points, in its largest single hike in two decades, as there is a need to bring inflation down to the level targeted by the central bank, of 2.0%, the central bank’s head said on Thursday.

“There is need for a clearly higher rate to stabilise inflation around the target,” Norges Bank Governor Ida Wolden Bache told a news conference.

Norway central bank chief: rate hike needed to bring down inflation

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