Reserve Bank Of New Zealand: In The Near Term, The Committee Expects Higher Fuel Prices To Be Passed On To Higher Transport And Food Prices

Reserve Bank Of New Zealand: However, Any Significant Second-round Inflation Effect Or Signs Of Rising Medium-term Inflation Expectations Would Require A Decisive And Timely Increase In The Official Cash Rate To Re-anchor Inflation Expectations

Reserve Bank Of New Zealand: Some Members Emphasized The Reasons For Taking Monetary Policy Action As Soon As Possible, Pointing Out That Further Data And Analysis Would Help To More Clearly Assess Medium-term Inflationary Pressures

The Reserve Bank Of New Zealand: The Current Economic Situation Is Different From That Of 2022. Back Then, The COVID-19 Pandemic And The Russia-Ukraine Conflict Disrupted Global Supply Chains, Driving Up Energy Prices. At That Time, Strong Demand Growth Further Exacerbated Inflationary Pressures

Reserve Bank Of New Zealand: If These Conditions Are Not Met, The Official Cash Rate Needs To Be Raised Decisively And Promptly

The Reserve Bank Of New Zealand: The Committee Is Closely Monitoring Any Broad-based Inflationary Pressures And Stands Ready To Take Action To Bring Inflation Back To Target

Reserve Bank Of New Zealand: This Requires Core Inflation And Wage Growth To Remain At Manageable Levels, And Medium- To Long-term Inflation Expectations To Remain Around 2%

Reserve Bank Of New Zealand: The Monetary Policy Committee Is Focused On Ensuring That Inflation Returns To The 2% Target Midpoint In The Medium Term

Reserve Bank Of New Zealand: The Situation In The Middle East Has Significantly Altered The Inflation Outlook And The Balance Of Risks