New Zealand's central bank kept interest rates unchanged ahead of a national election later this month where cost-of-living pressures and economic management...
SYDNEY — New Zealand’s central bank kept interest rates unchanged ahead of a national election later this month where cost-of-living pressures and economic management are top concerns of voters.
“The Committee agreed that interest rates may need to remain at a restrictive level for a more sustained period of time, to ensure annual consumer price inflation returns to the 1 to 3% target range and to support maximum sustainable employment,” the RBNZ said in a statement. In New Zealand, second-quarter gross domestic product growth was unexpectedly strong, raising the risk that the RBNZ would judge the economy to be running above full capacity again. Inflation in the 12 months through June was 6.0%, well above the central bank’s target band, albeit down from a peak of 7.3% a year earlier.
The RBNZ on Wednesday said interest rates are constraining economic activity and reducing inflationary pressure as required. It expects inflation to fall to within the target band by the second half of 2024.
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