In neighbouring Australia, the central bank held interest rates at a record low 0.1% for an 11th straight month on Tuesday.
"What they were forecasting still remains valid, which means we're on a path towards a series of rate hikes and the market is well priced for that," he added. The South Pacific nation has enjoyed a rapid economic recovery since a COVID-driven recession last year, partly because it eliminated coronavirus and reopened its economy before others.
"Demand shortfalls are less of an issue than the economy hitting capacity constraints...," the RBNZ Committee noted in the minutes of the meeting.
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