Reserve Bank hikes the official cash rate by surprise 50 basis points

Reserve Bank hikes the official cash rate by surprise 50 basis points
(Image: Getty)
Staff reporters
The Reserve Bank has today lifted the official cash rate by 50 basis points to 5.25%.The 11th successive hike, it takes the rate to its highest level since December 2008.Inflation is still too high and persistent, and employment is beyond its maximum sustainable level.The recent severe weather events in the North Island have led to higher prices for some goods and services, the Reserve Bank said. The New Zealand dollar rallied sharply on the higher than expected hike. In the minutes following the release, the Kiwi was trading at US63.6c, u...

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