PREVIEW: Economists lobbying for 50-basis point rate hike

Inflation is running hot and is tipped to peak at 7.5%. (Image: Unsplash)

Mon, 11 Apr 2022

Economists are pushing the Reserve Bank of NZ (RBNZ) to lift rates on Wednesday, with several clamouring for a 50-basis point hike to 1.50% as inflation marches higher. ANZ bank chief economist, Sharon Zollner, said: “The RBNZ has a big job to do to rein in runaway inflation, and the sooner they rip into it, the lower the economic cost is likely to be”. Annual inflation is running at 5.9% and Zollner said it will peak around 7.5%. The central bank is mandated with keeping inflation between 1% and 3%, with a focus on t...

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