"We believe it's not yet time for this," Labour's Rigmor Aasrud, a member of parliament's finance committee, told Reuters.

"We fear that altering the inflation target will lead to faster rate hikes and a stronger crown currency that will negatively impact export industries," she added.

The finance ministry declined to comment.

The country's crown currency weakened against the euro and dollar on the news.

"The majority in parliament disagrees with the decision to lower the inflation target," Sigbjoern Gjelsvik of the opposition Centre Party, also a member of the finance committee, told Reuters.

"The arguments are not convincing. This is poor work by the finance ministry," he added.

The government cut the inflation target on March 2, arguing it would better align Norway with other countries, including Sweden and the eurozone.

"I'm very surprised, as everyone had expected this to go through, even the central bank," Nordea Markets economist Joachim Bernhardsen said.

"My first thought is that it will not change the view on monetary policy, at least not in the short term. This has also been the message from Norges Bank," he added.