City
Epaper

New Zealand Reserve Bank says inflation approaching target range

By IANS | Updated: July 10, 2024 12:35 IST

Wellington, July 10 New Zealand Reserve Bank's Monetary Policy Committee agreed to maintain the Official Cash Rate (OCR) ...

Open in App

Wellington, July 10 New Zealand Reserve Bank's Monetary Policy Committee agreed to maintain the Official Cash Rate (OCR) at 5.5 per cent on Wednesday.

The Monetary Policy Committee expected New Zealand's headline inflation to return to within the 1 to 3 per cent target range in the second half of this year, reports Xinhua news agency.

The restrictive monetary policy has significantly reduced consumer price inflation, the committee said in a statement.

The committee agreed that monetary policy will need to remain restrictive, the extent of which will be tempered over time consistent with the expected decline in inflation pressures.

The OCR influences the price of borrowing money in New Zealand, and the level of economic activity and inflation, it said.

The decline in inflation reflects receding domestic pricing pressures, as well as lower inflation for goods and services imported into New Zealand, the statement said.

Labour market pressures have eased, reflecting cautious hiring decisions by firms and an increased supply of labour. The level of economic activity, including business and consumer investment spending and investment intentions, is consistent with the restrictive monetary stance, it said.

Current and expected government spending will restrain overall spending in the economy. However, the positive impact of the pending tax cuts on private spending is less certain, it said.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Open in App

Related Stories

InternationalIsraeli forces eliminated numerous Gaza terror commanders over past few weeks

InternationalE-Cigarette liquid smuggling operation thwarted

International"MP is fastest-growing economy, GSDP growth rate highest in last 10-12 years": Principal Secy Raghwendra Kumar Singh

InternationalMillions allocated for new database for AI development

International"MP govt made such policies under PM Modi's leadership that...": Mohan Yadav

International Realted Stories

International"Indian community always likes sugar in milk; they mix, give sweetness": CM Mohan Yadav

InternationalScholars, researchers unite to discuss relevance of Buddha Dharma in 21st century

InternationalEAM Jaishankar's Singapore visit boosts strategic ties, investment & Indo-Pacific dialogue

InternationalRospotrebnadzor identify cause of outbreak of intestinal infection in Dagestan

InternationalMP CM kick starts his investment drive in Dubai, meets President of Arab Parliament