RBNZ continues tightening as inflation approaches 5%

Photo: Rachael King

The Reserve Bank of New Zealand’s monetary policy committee voted to raise interest rates to 0.75% today (November 24) as inflation threatens to breach 5%.

In a statement, the central bank said “further removal” of monetary policy stimulus is expected over time, given the outlook for inflation and employment.

“Headline CPI inflation is expected to measure above 5% in the near term before returning towards the 2% [target] midpoint over the next two years,” the RBNZ said.

The central bank’s

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