By Scott Kanowsky
Investing.com -- Norges Bank increased interest rates again on Wednesday, as it looks to keep inflation from becoming "entrenched" at a high level.
The central bank hiked borrowing costs by 50 basis points to 2.25%, claiming that its policy of increasing rates throughout 2022 is beginning to have a "tightening effect" on the Norwegian economy.
"This may suggest a more gradual approach to policy rate setting ahead," it said in a statement.
Norges Bank predicted that any future rate hikes will depend on the state of the economy, but added that its projections are "more uncertain than normal."