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Reserve Bank increases the Official Cash Rate
The Committee agreed that the OCR still needs to increase, as indicated in the November Statement, to ensure inflation returns to within its target range over the medium term. While there are early signs of price pressure easing, core consumer price inflation remains too high, employment is still beyond its maximum sustainable level, and near-term inflation expectations remain elevated. Cyclone Gabrielle and other recent severe weather events have had a devastating effect on the lives of many New Zealanders. It is too early to accurately assess the monetary policy implications of these weather events, given that the ... (full story)
Added at 8:06pm
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THE RBNZ STILL EXPECTS THE CASH RATE TO PEAK AT 5.5%.
— Breaking Market News (@financialjuice) February 22, 2023