New Zealand consumer inflation slows, still exceeds central bank target
The central bank has said rate increases are having the desired impact on dampening inflation, although the cash rate will have to remain at this restrictive level for some time to ensure inflation returns to the target range.
Inflation is a significant challenge for the RBNZ and it has responded by raising interest rates to 5.5 per cent from a record low of 0.25 per cent in October 2021. (Image credit: Reuters)