RBNZ delivers record 75bp rate rise to curb inflation

Central bank now expects policy rate to peak at 5.5% next year, up from previous estimate of 4.1%

Photo: Rachael King

New Zealand’s central bank delivered its largest-ever rate hike today (November 23) to fight near three-decade-high inflation and a predicted recession next year.

The Reserve Bank of New Zealand raised the official cash rate (OCR) by a record 75 basis points from 3.5% to 4.25%, taking it to its highest level since January 2009. The latest rate decision follows five consecutive 50bp increases in previous monetary policy meetings.

The policy rate needs to reach a higher level, and sooner than

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