New Zealand\u2019s central bank continued its hawkish response to soaring inflation by announcing a seventh consecutive interest rate rise, as the cash rate.
Enter your emailNew Zealand’s central bank continued its hawkish response to soaring inflation by announcing a seventh consecutive interest rate rise, as the official cash rate increased by 0.5% to 3%.
It is viewed by the committee as a direction that will contribute to achieving maximum sustainable employment, as inflation is too high and labour resources remain scarce. Unsurprisingly the RBNZ statement said the war in Ukraine was the underpinning headwind that has caused the rise in global inflation and commodity prices, resulting in the rate rise. Also, supply chain bottlenecks on a worldwide scale due to ongoing health risks from Covid-19 were blamed for rising global production costs. This situation that has been exacerbated by the extensive lockdowns that have been ordered by the Chinese government.
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