The Reserve Bank of New Zealand (RBNZ) left its official cash rate unchanged today at 8.25 per cent.
Governor of the RBNZ Allan Bollard said the outlook for economic activity had deteriorated significantly, but inflationary pressures still remained.
“Despite the weaker outlook for activity, we expect headline inflation to remain high,” Mr Bollard said.
He listed the national emissions trading scheme and higher food and energy prices as the main contributors to inflation in the short-term.
New Zealand interest rates have now been on hold since July 2007.
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