RBNZ surprises with 50bp rate hike
Damage from cyclone threatens to keep inflation expectations higher
The Reserve Bank of New Zealand surprised analysts today (April 5) with a 50-basis point increase in its headline rate, as the central bank warned inflation is “still too high and persistent”.
The decision took the rate to 5.25%. No economist polled by Reuters had expected the RBNZ to deliver a half-point rate increase at today’s meeting.
The monetary policy committee mentioned that recent “severe weather events” on the North Island of New Zealand had triggered higher prices for some goods and
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