RBNZ chair Breman said sustained higher oil prices are likely to push near‑term
inflation slightly above the assumptions in the bank’s September policy
statement. Breman said the RBNZ will assess incoming data and global
developments ahead of its Oct 28 policy decision and reiterated the committee
remains focused on the inflation outlook. She flagged significant risks to the
economic outlook, noting upside inflation risk from energy costs and downside
risk to activity from softer domestic demand. Current data indicate the
quarter‑to‑date recovery continues but is uneven across sectors. Breman said the
timing and scale of any further policy tightening will depend on how those
factors evolve in the coming weeks.
