New Zealand hikes cash rate by 0.5 percent

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New Zealand hikes cash rate by 0.5 percent

STORY: New Zealand hikes cash rate by 0.5 percent DATELINE: Oct. 5, 2022 LENGTH: 00:01:56 LOCATION: Wellington CATEGORY: ECONOMY SHOTLIST: 1. various of New Zealand 2. various of people buying in the supermarket 3. various of the petrol station STORYLINE: The Monetary Policy Committee of New Zealand's central bank agreed on Wednesday to increase the Official Cash Rate (OCR) by 50 basis points to 3.5 percent. The current OCR is at its highest point in seven years. The committee agreed that it remains appropriate to continue to tighten monetary conditions at pace to maintain price stability and contribute to maximum sustainable employment. "Core consumer price inflation is too high and labor resources are scarce," said in a committee statement. Global consumer price pressures remain heightened. The global demand for goods and services is exceeding supply capacity, putting upward pressure on prices, it said. In New Zealand, the level of domestic spending has remained resilient to date, in the face of slo

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