New Zealand’s Inflation Rate Now Below That of Australia, US, and OECD

Inflation in New Zealand has dropped to its lowest level in over three years, with the annual figure now at 2.2 percent, according to figures released today. The government was quick to celebrate, with ACT Party Leader David Seymour saying, “We’ve turned the corner on interest rates, and now we’re returning to normalcy on inflation.” The Reserve Bank of New Zealand (RBNZ) cut the Official Cash Rate (OCR) by 50 basis points on Oct. 9, bringing it down to 4.75 percent. “The era of crushing price rises is now over,” Finance Minister Nicola Willis said. “The steps the government is taking to reduce inflationary pressures by restoring discipline to public spending, reducing the red tape that is stifling innovation and development, and rebuilding business confidence are working.”...