Wheeler keeps OCR at 2.5 percent, ready to hike ‘as needed’ to keep inflation in check

Wed, 11 Dec 2013

By Paul McBeth Dec. 12 (BusinessDesk) – Reserve Bank governor Graeme Wheeler kept the official cash rate at a record-low 2.5 percent, while lifting the projected path for interest rates and saying he’s ready to start hiking “as needed” to keep inflation under control. The kiwi gained on the statement. “Annual CPI inflation increased to 1.4 percent in the September quarter and inflation pressures are projected to increase,” Wheeler said in a statement. “The bank will increase the OCR as needed to keep future average inflation near the 2 perce...

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