The Circle of CPI:

In Norway, interest rates are still being kept high by the central bank because inflation is high.

According to Statistics Norway (SSB), inflation is high because high interest rates lead to high housing rental costs.

https://www.ssb.no/en/priser-og-prisindekser/konsumpriser/statistikk/konsumprisindeksen/artikler/cpi-up-3.0-per-cent-last-12-months_092024