Norway's central bank raises interest rates to 4.25%

Norway's central bank raised its key interest rate to 4.25%, the first European central bank hike since the Middle East conflict began. The bank cited persistently high inflation, exceeding its 2% target, as the reason for the increase. Underlying inflation was 3.0% in March. The Norges Bank noted considerable economic uncertainty, with rising oil and gas prices potentially worsening inflation.