Norway's core inflation steady at 3.0 percent in September

Norway's annual core inflation rate remained at 3.0 percent year-on-year in September, data published by Statistics Norway on Friday showed, supporting expectations that interest rates will stay elevated.

The core measure, which strips out changing energy prices and taxes, was in line with the August reading and slightly below the 3.1 percent forecast by analysts in a Reuters poll. Norges Bank had expected core inflation of 2.9 percent. Norway's currency, the crown, traded largely unchanged against the euro at 10.72 following the 0600 GMT data release.

Norges Bank raised its policy interest rate to 4.50 percent in September and said it may hike again to contain consumer prices. Governor Ida Wolden Bache said at the time that the bank believed it would be necessary to maintain elevated interest rates for a time to come, and that it was prepared to raise them again if the inflation outlook warranted it.

The central bank, which targets core inflation of 2.0 percent, is scheduled to make its next policy rate announcement on November 5.