Norway central bank raises key rate to fight inflation

COPENHAGEN, Denmark (AP) — Norway’s central bank has raised its key policy interest rate by a quarter-percentage point as other banks around the world also move to bring down inflation. Norges Bank said Thursday that inflation — which reached 6.5% in August — “has risen rapidly over the past months and has been far higher than projected.” Governor Ida Wolden Bache says “there are prospects that inflation will remain high for longer than projected earlier.” The policy rate will most likely be raised further in November. The U.S. Federal Reserve, Swiss central bank and others are making big rate increases to tackle inflation.