New Zealand hikes rate to 2.50 pct, food prices rise 6.6 pct in June

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New Zealand hikes rate to 2.50 pct, food prices rise 6.6 pct in June

STORY: New Zealand hikes rate to 2.50 pct, food prices rise 6.6 pct in June DATELINE: July 13, 2022 LENGTH: 0:01:56 LOCATION: Wellington CATEGORY: ECONOMY SHOTLIST: 1. various of streets 2. various of a port 3. various of a supermarket STORYLINE: New Zealand's Monetary Policy Committee agreed on Wednesday to increase the Official Cash Rate (OCR) by 50 basis points to 2.50 percent. The Committee noted it remains appropriate to continue to tighten monetary conditions at a pace to maintain price stability and support maximum sustainable employment. It is resolute in its commitment to ensuring consumer price inflation returns to within the 1 to 3 percent target range. The level of global economic activity, combined with the ongoing supply disruptions largely driven by both COVID-19 persistence and the Ukraine crisis, continues to generate global inflation pressures. Food and energy prices are especially affected by geopolitical tension, the committee said in a statement. However, the pace of global

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