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MNI (Sydney)

New Zealand’s central bank has cited the risks from persistently high inflation in its decision on Wednesday to increase interest rates by 50bps to 1.50%.

The RBNZ said the move in the Official Cash Rate was needed to reduce inflation expectations, and that a “stitch in time” approach to monetary policy was consistent with that aim. The RBNZ said it expected inflation to peak at around 7% in the first half of 2022, from 5.9% at the end of the fourth quarter. The bank has a target range for inflation of between 1% and 3%, see: MNI STATE OF PLAY: RBNZ Seen Aiming Hikes For A Softer Landing.

The 50bps rise came after three consecutive increases of 25 basis points at every meeting since October, when the OCR was at a record low of 0.25%.

MNI Sydney Bureau | +61-405-322-399 |
MNI Sydney Bureau | +61-405-322-399 |

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