delay any increase in the interest rate, particularly amid level 4 COVID restrictions that were imposed across the island nation.
Nevertheless, now inflation has returned to well above target, while unemployment has dropped to 4 per cent and property prices have surged more than 20 per cent over the past year. Therefore, with the economy growing at its fastest pace in over a decade, the RBNZ decided to pull the trigger as the third among developed nations, after South Korea, which increase its post-crisis interest rate in August, and Norway, which did the same in September.
Accordingly, on Wednesday, the OCR was increase by…
