The Bank of Norway's executive board decided on Wednesday to keep its benchmark sight deposit rate at 5%.

The hold follows two consecutive hikes, which have raised rates to their highest levels since May 2003. Last month's increase was the sixth this year.

The central bank said that analysis from the monetary policy report for the third quarter implied that more rate hikes were needed, but to a lesser extent than envisaged in July.

While still below the target, underlying inflation had picked up