Norway's central bank raised its key interest rate by a quarter percentage point to 1.5 percent Wednesday, making the oil-rich country the first European economy to boost rates since the height of the global financial crisis.
Norges Bank said in a statement that its decision was due to a sharper-than-expected rise in inflation and lower unemployment.
"The world economy is in a deep slump, but there are signs of new growth," said Svein Gjedrem, governor of Norges Bank. "The Norwegian economy has gotten moving again faster than anticipated."
The Nordic country of 4.8 million, which is not a member of the European Union, escaped …
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