The Reserve Bank of New Zealand (RBNZ) has reduced the official cash rate (OCR) to 5.25%, saying it is tempering monetary restraint as inflation converges on target.
The RBNZ says New Zealand’s annual consumer price inflation is returning to within the monetary policy committee’s 1% to 3% target band.
Surveyed inflation expectations, firms’ pricing behaviour, headline inflation, and a variety of core inflation measures are moving consistent with low and stable inflation.
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