RBNZ Raises Cash Rate Again Amid Inflation Pressures

The Reserve Bank of New Zealand (RBNZ) has raised its official cash rate by 25 basis points to 2.75% for a second consecutive meeting, in line with expectations.

This decision comes as inflation pressures continue to be tackled, with the RBNZ noting that annual CPI inflation decreased to 2.9% in the June quarter, excluding vehicle fuels.

The bank also signaled further rate rises, with at least one more increase expected this year and possibly two more by mid-next year.