Adrian Orr: RBNZ Governor says there's no reason Cyclone Gabrielle should cause widespread national inflation

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Recorded22 Feb 2023

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Signs inflation is starting to ease, despite the impact of Cyclone Gabrielle. The Reserve Bank has opted to raise the Official Cash Rate by 50 basis points, to 4.75 percent, as it continues to try to stem the high inflation rate. Governor Adrian Orr says the cyclone may lead to some price rises in affected regions. But he told Mike Hosking there's no reason it should cause widespread national inflation. “As long as they don’t feed into aggregate expectations, that everyone thinks ‘oh this is inflation continuing and I’d better raise ice cream prices in Invercargill because Hawke’s Bay is rebuilding’ that’s the concern we have.” LISTEN ABOVESee omnystudio.com/listener for privacy information.

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