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MNI BRIEF: RBNZ Holds OCR

The Reserve Bank of New Zealand monetary policy committee left the official cash rate at 5.5% Wednesday, noting restrictive monetary policy had significantly reduced consumer price inflation.

The Reserve noted it expects headline inflation to return to within the 1-3% target range in the second half of 2024.

“The decline in inflation reflects receding domestic pricing pressures, as well as lower inflation for goods and services imported into New Zealand,” the RBNZ added. “Labour market pressures have eased, reflecting cautious hiring decisions by firms and an increased supply of labour. The level of economic activity, including business and consumer investment spending and investment intentions, is consistent with the restrictive monetary stance.”

The MPC’s move was largely anticipated. (See MNI RBNZ WATCH: MPC To Hold, Await Further Data)

Daniel covers the Reserve Bank of Australia and the Reserve Bank of New Zealand and leads the Asia-Pacific team.
Policy NewsHomepageCentral Bank NewsRBNZAPACNew ZealandBriefStoryRegion
Daniel covers the Reserve Bank of Australia and the Reserve Bank of New Zealand and leads the Asia-Pacific team.
Policy NewsHomepageCentral Bank NewsRBNZAPACNew ZealandBriefStoryRegion

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