New Zealand hikes official cash rate to 3 pct

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New Zealand hikes official cash rate to 3 pct

STORY: New Zealand hikes official cash rate to 3 pct DATELINE: Aug. 17, 2022 LENGTH: 00:01:56 LOCATION: Wellington CATEGORY: ECONOMY SHOTLIST: 1. various of streets 2. various of port 3. various of supermarket 4. various of people on streets STORYLINE: The Reserve Bank of New Zealand (RBNZ)'s Monetary Policy Committee raised the Official Cash Rate (OCR) to 3 percent from 2.5 percent on Wednesday. The Committee agreed it remains appropriate to continue to tighten monetary conditions at a pace to maintain price stability and contribute to maximum sustainable employment. Core consumer price inflation remains too high and labor resources remain scarce, said the central bank in a statement. The central bank uses the OCR to control inflation, encouraging people to either spend or save. The OCR is the interest rate the RBNZ pays on settlement accounts and is reviewed seven times a year. Global consumer price inflation has continued to rise, albeit with some recent reprieve from lower global oil prices, it sa

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