The Reserve Bank of New Zealand raised its official cash rate (OCR) by 50 bps to 1.5% during the April meeting. This was the fourth straight rate hike, amid soaring inflation. The board mentioned that annual CPI is expected to peak around 7% in H1 2022 and the path of least regret is to increase the OCR by more now, rather than later, to head off rising inflation expectations. Policymakers added they will remain focused on ensuring that high consumer prices does not become embedded into longer-term expectations.
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