Economic news

New Zealand central bank can get inflation under control: RBNZ governor

2022.11.02 18:51

[ad_1]


© Reuters. FILE PHOTO: Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr is pictured during an interview at the bank in Wellington, New Zealand, April 16, 2019. REUTERS/Charlotte Greenfield

By Lucy Craymer

WELLINGTON (Reuters) – New Zealand central bank Governor Adrian Orr said on Thursday he was confident the central bank can get inflation under control as the country battles a tight labour market.

“Around our confidence of having inflation under control, that is very high because we control the end outcome through the interest-rate environment,” Orr told the government’s Finance and Expenditure Committee meeting.

Inflation in New Zealand is currently sitting at 7.2%, well above the bank’s target of 1% to 3%.

Orr said the Reserve Bank of New Zealand (RBNZ) has a “laser-like” focus on controlling inflation.

The bank has increased the cash rate to 3.5% from 0.25% since October 2021 and has signaled further hikes. The market is pricing in a 70% chance of a 75 basis point hike at the bank’s November meeting.

A tight labour market saw wage inflation in the third-quarter rise to the highest level since the survey began in 1993.

Orr added that the tight labour market was also the biggest constraint on businesses in New Zealand.

“The challenge at present is there is a labour shortage globally and it’s the most competitive market for resources internationally,” he said.

[ad_2]

Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 83,097.26 0.08%
ethereum
Ethereum (ETH) $ 1,903.02 0.10%
tether
Tether (USDT) $ 1.00 0.00%
xrp
XRP (XRP) $ 2.32 2.36%
bnb
BNB (BNB) $ 580.26 0.13%
solana
Solana (SOL) $ 126.11 0.70%
usd-coin
USDC (USDC) $ 1.00 0.01%
cardano
Cardano (ADA) $ 0.718494 1.01%
dogecoin
Dogecoin (DOGE) $ 0.16961 1.00%
tron
TRON (TRX) $ 0.221499 1.52%
staked-ether
Lido Staked Ether (STETH) $ 1,898.75 0.01%
pi-network
Pi Network (PI) $ 1.60 8.43%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 82,983.23 0.01%
leo-token
LEO Token (LEO) $ 9.74 0.13%
chainlink
Chainlink (LINK) $ 13.98 4.01%
stellar
Stellar (XLM) $ 0.278923 0.04%
usds
USDS (USDS) $ 1.00 0.01%
hedera-hashgraph
Hedera (HBAR) $ 0.192427 2.88%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,274.76 0.35%
avalanche-2
Avalanche (AVAX) $ 18.71 1.77%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 2.51%
sui
Sui (SUI) $ 2.23 3.24%
the-open-network
Toncoin (TON) $ 2.81 1.12%
litecoin
Litecoin (LTC) $ 90.43 0.10%
bitcoin-cash
Bitcoin Cash (BCH) $ 332.54 0.41%
polkadot
Polkadot (DOT) $ 4.15 2.47%
mantra-dao
MANTRA (OM) $ 6.26 3.20%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.06%
weth
WETH (WETH) $ 1,902.18 0.12%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999854 0.01%
bitget-token
Bitget Token (BGB) $ 4.31 1.95%
hyperliquid
Hyperliquid (HYPE) $ 13.77 9.57%
whitebit
WhiteBIT Coin (WBT) $ 28.23 1.19%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,020.28 0.23%
monero
Monero (XMR) $ 208.30 0.40%
uniswap
Uniswap (UNI) $ 5.89 1.45%
susds
sUSDS (SUSDS) $ 1.04 0.05%
dai
Dai (DAI) $ 0.999776 0.01%
near
NEAR Protocol (NEAR) $ 2.64 0.01%
aptos
Aptos (APT) $ 5.21 0.85%
pepe
Pepe (PEPE) $ 0.000007 3.32%
ethereum-classic
Ethereum Classic (ETC) $ 18.20 2.16%
okb
OKB (OKB) $ 45.33 7.60%
ondo-finance
Ondo (ONDO) $ 0.856524 1.21%
internet-computer
Internet Computer (ICP) $ 5.58 0.41%
aave
Aave (AAVE) $ 167.37 3.89%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 83,101.27 0.04%
gatechain-token
Gate (GT) $ 20.45 0.29%
mantle
Mantle (MNT) $ 0.724092 3.29%
official-trump
Official Trump (TRUMP) $ 11.67 8.17%