Sees headline inflation within 1-3% range in H2 (Il Sole 24 Ore Radiocor) - Wellington, 10 Jul - The Reserve Bank of New Zealand said that its Monetary Policy Committee agreed to hold the Official Cash Rate (OCR) at 5.50%.

"Restrictive monetary policy has significantly reduced consumer price inflation, with the Committee expecting headline inflation to return to within the 1 to 3 percent target range in the second half of this year," the central bank said.

"The Committee agreed that monetary policy will need to remain restrictive. The extent of this restraint will be tempered over time consistent with the expected decline in inflation pressures," it added.

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(RADIOCOR) 10-07-24 08:06:13 (0089) 5 NNNN