24 October 2026
Norges Bank, the central bank of Norway, raised its policy rate from 4.25 per cent to 4.50 per cent at the monetary policy meeting held on 23 September 2026.
The decision was taken by the bank's Monetary Policy and Financial Stability Committee and announced on 24 September 2026.
Governor Ida Wolden Bache said inflation had been above target for several years and that by raising the policy rate the bank was helping to reduce inflation.
The Committee said it is prepared to raise the policy rate further if needed, and its rate path has inflation returning to the 2 per cent target in 2029.
The next policy rate decision is scheduled for 5 November 2026.
New policy rate:
4.50 per cent
Previous rate:
4.25 per cent
Inflation target:
2 per cent
Next decision:
5 November 2026
Why it matters for exams: Central bank rate decisions of major economies are standard banking and economics questions.
Kerala PSCUPSCSSCBank
In plain words
Policy rate Policy rate (styringsrenten) — The interest rate Norges Bank pays on banks' overnight deposits, its main monetary policy instrument.
CPI-ATE Consumer price index adjusted for tax changes and excluding energy products — Norway's measure of underlying or core inflation.
24 October 2026
Statistics Norway released its Labour Force Survey for September 2026 on 22 October 2026.
The unemployment rate was 4.6 per cent of the labour force, unchanged from August 2026, with 141,000 persons unemployed.
The employment rate was 69.8 per cent of the population aged 15 to 74, also unchanged, with 2,928,000 persons employed.
The figures are trend-adjusted and cover persons aged 15 to 74.
The next release of the survey is due on 5 November 2026.
Unemployment rate:
4.6 per cent
Unemployed persons:
141,000
Employment rate:
69.8 per cent
Employed persons:
2,928,000
Why it matters for exams: Unemployment and employment rates of a named country are direct one-figure questions.
Kerala PSCUPSCSSCBank
In plain words
LFS Labour Force Survey — The sample survey Statistics Norway uses to measure employment and unemployment.
24 October 2026
Statistics Norway published the consumer price index for September 2026 on 9 October 2026.
The consumer price index rose 3.4 per cent from September 2025 to September 2026, and 0.5 per cent from August to September 2026.
The CPI-ATE, adjusted for tax changes and excluding energy products, rose 3.0 per cent over twelve months and 0.2 per cent in the month.
The largest twelve-month rises were in insurance and financial services at 7.9 per cent, restaurants and accommodation at 6.0 per cent, health at 4.9 per cent and transport at 4.8 per cent.
Food rose 2.2 per cent over twelve months but fell 0.7 per cent in September 2026.
CPI, twelve months:
3.4 per cent
CPI-ATE, twelve months:
3.0 per cent
Monthly CPI change:
0.5 per cent
Food, twelve months:
2.2 per cent
Why it matters for exams: The CPI figure explains Norges Bank's rate rise and is asked as a plain number.
Kerala PSCUPSCSSCBank
24 October 2026
President of Ukraine Volodymyr Zelenskyy visited the Storting, the Norwegian Parliament, on Wednesday 21 October 2026.
He held a one-on-one meeting with President of the Storting Masud Gharahkhani, and then met the parliamentary leaders and the Chair of the Standing Committee on Foreign Affairs and Defence.
Gharahkhani said that Norway will continue to support Ukraine and that "we do not abandon our friends and allies", calling the present a very difficult time for Ukraine.
He linked Ukraine's future to Norwegian security, saying the fight for Ukraine's future is also about the security of the Norwegian people.
Zelenskyy was in Oslo for talks on the war hosted by Norwegian Prime Minister Jonas Gahr Store and Finnish President Alexander Stubb.
Date of visit:
21 October 2026
President of the Storting:
Masud Gharahkhani
Prime Minister of Norway:
Jonas Gahr Store
Why it matters for exams: The name and office of the President of the Storting and Norway's Ukraine stand are both asked.
Kerala PSCUPSCSSC
In plain words
Storting Stortinget — The unicameral Parliament of Norway, seated in Oslo.
24 October 2026
King Haakon VIII took the oath of allegiance to the Norwegian Constitution before the Storting on Tuesday 1 September 2026.
Article 9 of the Constitution of Norway requires a new king to take this oath in the Storting, swearing to govern the Kingdom of Norway in accordance with its Constitution and laws.
He became King on the death of his father, King Harald V, whose death and the succession were announced by the Office of the Prime Minister and read aloud in the chamber by President of the Storting Masud Gharahkhani.
Crown Princess Ingrid Alexandra accompanied the King, and Queen Sonja and Prince Sverre Magnus were present in the Storting Chamber.
King Harald V's funeral service was held in Oslo Cathedral in September 2026.
Date of oath:
1 September 2026
Constitutional provision:
Article 9
Predecessor:
King Harald V
Heir to the throne:
Crown Princess Ingrid Alexandra
Why it matters for exams: A change of Head of State in a monarchy, and the constitutional article behind it, are high-value facts.
Kerala PSCUPSCSSC
Background
The Storting is the national assembly of Norway and sits in Oslo.
It has 169 elected Members, who are chosen in parliamentary elections.
Parliamentary elections in Norway take place every four years, giving each Storting a four-year term.
The Storting is a single-chamber assembly; its presiding officer is the President of the Storting.
Masud Gharahkhani holds the office of President of the Storting.
Members:
169
Term:
Four years
Chambers:
One
President of the Storting:
Masud Gharahkhani
Why it matters for exams: Seat counts and term lengths of foreign legislatures are routine objective questions.
Kerala PSCUPSCSSC
Background
NATO lists Norway among the twelve countries that founded the alliance in 1949.
The other founding members are Belgium, Canada, Denmark, France, Iceland, Italy, Luxembourg, the Netherlands, Portugal, the United Kingdom and the United States.
NATO now has 32 member countries, Finland having joined in 2023 and Sweden in 2024.
Norway therefore shares founding membership with its Nordic neighbours Denmark and Iceland, while Finland and Sweden are recent entrants.
Norway has been in the alliance from the start even though it has never joined the European Union.
Year Norway joined NATO:
1949
Founding members:
12
Current NATO members:
32
Why it matters for exams: The list of NATO founding members and the current member count are repeatedly asked.
Kerala PSCUPSCSSC
In plain words
NATO North Atlantic Treaty Organization — The collective defence alliance created by the North Atlantic Treaty of 1949.
Background
UNESCO lists eight World Heritage properties in Norway, seven of them cultural and one natural.
The cultural properties are Bryggen, inscribed in 1979; Urnes Stave Church, 1979; Roros Mining Town and the Circumference, 1980 and extended in 2010; Rock Art of Alta, 1985; Vegaoyan, the Vega Archipelago, 2004; the Struve Geodetic Arc, 2005; and the Rjukan-Notodden Industrial Heritage Site, 2015.
The single natural property is the West Norwegian Fjords, covering Geirangerfjord and Naeroyfjord, inscribed in 2005.
The Struve Geodetic Arc is a transnational property shared with several other countries.
Norway ratified the World Heritage Convention on 12 May 1977.
Total properties:
8
Cultural:
7
Natural:
1
Convention ratified:
12 May 1977
Why it matters for exams: Country-wise World Heritage counts and named properties are asked directly.
Kerala PSCUPSCSSC
In plain words
Stave church Stave church — A medieval wooden church built on load-bearing posts, a Norwegian architectural form.
Background
Invest India records that diplomatic relations between Norway and India were established in 1947, resting on shared commitments to democracy, human rights and the rule of law.
The Indo-Norway Joint Commission, set up in 2004, covers political, economic, energy, environmental, scientific, education and cultural cooperation.
The first Dialogue on Trade and Investment between the two countries was held in 2020, with maritime industries, fisheries, tourism, skill development and renewable energy as its focus.
About 100 Norwegian companies operate in India through joint ventures or wholly owned subsidiaries, among them Statkraft, Jotun Paints, Telenor and Greenstat.
The Norwegian Business Association of India, formed in 2013, is a partner of Invest India in facilitating Norwegian investment.
Diplomatic relations established:
1947
Indo-Norway Joint Commission:
2004
First Dialogue on Trade and Investment:
2020
Norwegian companies in India:
about 100
Why it matters for exams: The year relations began and the Joint Commission year are the two facts asked about this pair.
Kerala PSCUPSCSSCBank
Background
The Norwegian Nobel Committee awards the Nobel Peace Prize and has five members, as Alfred Nobel's will requires.
Its members are elected by the Storting, the Parliament of Norway, for six-year terms, and may be re-elected; the Storting's rules aim to reflect the relative strengths of the political parties.
The Committee elects its own chair and deputy chair, and holds its meetings in a committee room at the Nobel Institute.
Sitting members of the Storting have been barred from the Committee since 2017, and sitting government ministers since 1936.
Jorgen Watne Frydnes is the chair and Asle Toje the vice chair, with Anne Enger, Kristin Clemet and Gry Larsen as the other members.
Members:
5
Elected by:
The Storting
Term:
Six years
Chair:
Jorgen Watne Frydnes
Why it matters for exams: That the Peace Prize alone is decided in Norway, by a committee the Storting elects, is a repeat question.
Kerala PSCUPSCSSC
Background
Norway is a constitutional monarchy in which the King is Head of State and the Prime Minister is Head of Government.
The Office of the Prime Minister records Jonas Gahr Store of the Labour Party as Prime Minister of Norway.
The reigning monarch is King Haakon, who holds no ordinary political power of his own.
Formal decisions of the executive are taken in the Council of State, over which the King presides, with ministers present.
The King's weekly routine includes granting audiences to the Prime Minister and to ministers before presiding over the Council of State.
Head of State:
King Haakon VIII
Head of Government:
Prime Minister Jonas Gahr Store
Party of the Prime Minister:
Labour Party
Executive forum:
Council of State
Why it matters for exams: Head of State versus Head of Government is a standard pairing question for any monarchy.
Kerala PSCUPSCSSC
In plain words
Council of State Statsrad, the King in Council — The formal meeting of the Norwegian Government with the King presiding, where royal decrees are issued.