With due respect to all (who might have a different viewpoint).
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'90% chance' of August rate hike after inflation balloons to 3.3%
Annual inflation has hit a near 10-year high of 3.3 per cent after prices rose by a shock 1.3 per cent in the three months to the end of June. The inflation figures released by Stats NZ were much higher than expected by forecasters and are cementing expectations the Reserve Bank will raise the Official Cash Rate to 0.5 per cent next month. ANZ described the rise in inflation as ‘monstrous’ and ASB said it now expected inflation to approach “4 per cent plus” by the end of the year, with a risk high inflation would persist well into next year. Westpac economist Satish Ranchhod said financial markets were ... (full story)