RBNZ’s Orr: Inflation is still too high but is falling

The Reserve Bank of New Zealand (RBNZ) Governor Orr said on Friday that inflation in New Zealand is still too high, but is falling. Orr further stated that the central bank expects to begin normalizing policy in 2025. 

Key quotes

“The economy is evolving as anticipated.”

“Inflation expectations have fallen.”

“Inflation is still too high but is falling.”

“Monetary policy needs to stay restrictive for some time.”

“Expects to begin normalizing policy in 2025.”

“Expect economic growth to begin picking up in 2024.”

Market reaction

The NZD/USD pair is trading lower by 0.03% on the day to trade at 0.6086, as of writing.