RBNZ keeps OCR at 2.5 percent, will mull hikes if housing, construction spurs wider inflation

Wed, 24 Jul 2013

By Paul McBeth July 25 (BusinessDesk) - Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.5 percent as consumer price increases remain muted, though he will mull a hike if the momentum in housing and construction spur broader inflation. “The extent of the monetary policy response will depend largely on the degree to which the growing momentum in the housing market and construction sector spills over into inflation pressures,” Wheeler said in a statement. “Although removal of monetary stimulus will likely be needed in the...

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