New Zealand increases Official Cash Rate to highest level since 2008

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New Zealand increases Official Cash Rate to highest level since 2008

STORY: New Zealand increases Official Cash Rate to highest level since 2008 DATELINE: Nov. 23, 2022 LENGTH: 00:01:40 LOCATION: Wellington CATEGORY: ECONOMY SHOTLIST: 1. various of streets 2. various of banks 3. various of a supermarket 4. various of port STORYLINE: New Zealand on Wednesday increased the Official Cash Rate (OCR) to its highest level since December 2008, with a rise of 75 basis points, also the biggest hike since 1999. The Monetary Policy Committee of the New Zealand Reserve Bank (RBNZ) increased the OCR from 3.5 percent to 4.25 percent to further curb widespread inflation. The committee agreed that the OCR needs to reach a higher level, and sooner than previously indicated, to ensure inflation returns to within its target range over the medium term, according to an RBNZ statement. Core consumer price inflation is too high, which was at 7.2 percent currently; employment is beyond its maximum sustainable level; near-term inflation expectations have risen, it said. Global consumer price in

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