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New Zealand Inflation Holds at 7.2%, Near Three-Decade High
New Zealand inflation held near a three-decade high in the fourth quarter, maintaining pressure on the central bank to keep raising interest rates. Annual inflation was 7.2%, unchanged from the third quarter, Statistics New Zealand said Wednesday in Wellington. Economists expected 7.1%. Consumer prices advanced 1.4% from three months earlier, exceeding the 1.3% median estimate. The annual inflation rate is lower than the Reserve Bank’s forecast of 7.5%, but its failure to slow suggests further monetary tightening is required to cool demand. The RBNZ in November projected that the Official Cash Rate would need to ... (full story)