Wheeler hikes OCR to 3 percent on inflationary pressures, eyes kiwi influence on import prices

Wed, 23 Apr 2014

By Paul McBeth April 24 (BusinessDesk) – Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. "Spare capacity is being absorbed and inflationary pressures are becoming apparent, especially in construction and other non-tradable sectors," Wheeler said in a statement. He lifted the OCR 25 basis points to 3 percent, sa...

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