SPEECH - In the speech 'Inflation targeting and the interplay in economic policy' made on 16 October, Svein Gjedrem of the Norges Bank said a substantial share of the effects of an interest rate change will occur within two years. Two years is thus a reasonable time horizon for achieving the inflation target which is set at 2.5 per cent in Norway. However, currently strong growth in household consumption is adding to pressures on prices and wages with little spare capacity in the Norwegian