RBNZ maintains OCR at 5.5% amid rising non-tradeable inflation, despite declining headline CPI.
The Reserve Bank of New Zealand (RBNZ) kept the Official Cash Rate (OCR) at 5.5% last week, the highest since 2008, as non-tradeable inflation remains a concern. Despite a decline in headline consumer price index (CPI) to 4% annually, most of the drop is due to falling international prices. Domestic inflation, or non-tradeables, continues to rise, with RBNZ expecting no relief for borrowers until next year.
June 01, 2024
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