The Reserve Bank’s inflation target remains attaining the mid-point of 1%-3%. Reserve Bank governor Adrian Orr said yesterday he expected to keep the OCR at 1.75% into 2020, longer than projected in the bank's May statement. ''The growth outlook is weaker over the next year, and further risks from weak business confidence was acknowledged [by Mr Orr],'' Mr Tuffley said. The Reserve Bank's inflation target remains the mid-point of 1%-3%. ''This path may be bumpy however, with one-off price changes from global oil prices, a lower exchange rate, and announced petrol excise tax rises expected,'' Mr Orr said.

Source: Otago Daily Times August 09, 2018 16:32 UTC