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The Reserve Bank of New Zealand Monetary Policy Committee held the Official Cash Rate at 5.5% on Wednesday and slightly adjusted the pace it expects inflation to fall, while increasing its outlook for the OCR’s peak.
Within its updated November Monetary Policy Statement, the RBNZ now expects annual CPI to fall to 2.9% by the September 2024 quarter, up from the previous 2.7% forecast made in August. The RBNZ targets inflation between 1-3%.
The Reserve also expects the OCR to peak at 5.7% in the June 2024 quarter, up from 5.6% in the March 2024 quarter. (See charts).
In its statement following the decision, the MPC noted the current level of the OCR is restricting demand. “However, ongoing excess demand and inflationary pressures are of concern, given the elevated level of core inflation. If inflationary pressures were to be stronger than anticipated, the OCR would likely need to increase further.”
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.