There are fairly clearly signs that quarterly core inflation peaked a year ago and has since been falling. Subscribe to our newsletter to ensure you're the first to get the latest articles and insights from the Squirrel team. Reserve Bank bumps OCR up to 4.75pc despite Cyclone Gabrielle's L3, Suite 301, If this figure is reasonable, you might want to consider comparing variable mortgages. The official cash rate now sits at 4.25%, the highest in 14 years. Last month Stats NZ announced that food prices rose 6.6% on last year. OCR reaction: Rates set to rise from 2022 - Good Returns The expectations of what the Reserve Bank is going to do with the OCR influences New Zealands longer term interest rates. Kiwi homeowners should brace for yet another increase to the cash rate, according to this months Finder RBNZ Official Cash Rate Survey. release dates are:Monetary Policy Statement / My advice for potential first home buyers is dont fear higher interest rates as you will be borrowing less than the market at its peak., Read more: Reserve Bank makes its September rate call. Under this new rule: MPS - The bank continued to project the OCR to rise to about the 4 percent mark over the next year.. +64 (0)9 307 1629, RBNZ expected to show some leniency in next OCR announcement, The RBNZ is set to deliver the announcement on Wednesday, with a mid-tier raise. USD rebounds on all that; US Treasury yields higher led by the front end. credit card debit, $18.75 per user - Pay by monthly But while any increase in interest rates is good news for savers, the rates for term deposits and savings accounts are still lower than what most people think of as normal, and we expect rates to remain low when compared to the average levels over the past 10-15 years. The OCR sets overnight interest rates banks pay, that in turn influences short term funding costs in the New Zealand economy. Mark your calendars: Key OCR dates for 2023 - squirrel.co.nz
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