OCR April 13 , 2022 0.50 % 1.50 % February 23 , 2022 November 24 , 2021 October 6 , 2021 August 18 , 2021
Source : RBNZ
Although housing prices are considered to be a factor , the rapidly increasing inflation rates due to supply-demand and constraints on goods suddenly saw inflation lift to new record levels since inflation rates have been recorded in New Zealand . The new record level of 6.9 per cent is unsustainable according to the Reserve Bank . These are the highest levels experienced in the last 20 years . Given inflation is an average of prices throughout the economy , it means money is losing value . The Reserve Bank has described the underlying cause as the availability of too much money to purchase goods and demand continuing to outpace supply .
Combine this with price rises in commodities such as oil , inflation is the number one target of the government to reduce back down to its targeted level of between 1 per cent and 3 per cent .