The Reserve Bank (RBNZ) has raised the Official Cash Rate (OCR) to 2.50% from 2.25%, saying that although oil prices have fallen, the effects of the oil shock will linger for some time. The RBNZ's six-member Monetary Policy Committee (MPC) reached consensus on raising the OCR by 25 basis points to 2.50%. This marks the first time since May 2023 the RBNZ has increased the OCR. “Although energy prices have decreased, the effects of the shock will linger for some time and the outlook for medium-term inflation pressures remains uncertain. The stance of monetary policy is calibrated to bring inflation back to target ... (full story)