The effects of the fall in oil prices and decline in oil investment are gradually becoming evident, especially in regions closely linked to the oil industry. Unemployment has edged up as expected, while household goods consumption has been lower than projected. Overall, policy rate expectations among Norway's trading partners have fallen somewhat. On the other hand, the krone exchange rate has been weaker than projected, and a more expansionary fiscal policy will contribute to fuelling demand for goods and services.

Inflation has been in line with projections in the September 2015 Monetary Policy Report. The year-on-year rise in the CPI-ATE was 3.1 percent in September.

"An overall assessment of new information implies that the key policy rate be kept unchanged at this meeting", says Governor Øystein Olsen.

Background material and charts