The New Zealand central bank raised its interest rate for the sixth straight time and vowed to continue its tightening mode to bring inflation back to the target. The Monetary Policy Committee of the Reserve Bank of New Zealand decided to lift the Official Cash Rate to 2.50 percent from 2.00 percent, as widely expected. Although there are near-term upside risks to consumer price inflation, and medium-term downside risks to economic activity, the committee remained broadly comfortable with the policy path outlined in May. Policymakers observed that high food and energy costs together with rising mortgage interest rates will weigh on the discretionary spending of households in coming quarters. Powered by Commodity Insights
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