The Reserve Bank has left the cash rate unchanged, as expected, and reaffirmed rates will stay high well into next year.
The central bank held the OCR at 5.5 percent for a second consecutive meeting.
The Monetary Policy Committee said the economy and inflation were slowing, but warned core inflation pressures were stubborn, ruling out any chance of rate cuts in the medium term.
The RBNZ made 12 consecutive rate rises between October 2021 and May 2023, lifting the OCR from a record low of 0.25 percent to a 14-year high of 5.5 percent.
But the central bank signalled in May it felt it had done enough to get inflation back into the 1-3 percent target band, and would adopt a "watch, worry, and wait" approach.
Economists had been unanimous in expecting the RBNZ to hold rates steady this week.
More to come...
https://www.rnz.co.nz/news/business/495906/reserve-bank-leaves-official-cash-rate-unchanged-at-5-point-5-percent
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