The Reserve Bank has lifted the official cash rate today by 75 basis points, taking it to 4.25 percent, its highest level since 2008.

The RBNZ now sees the OCR rising to a peak of 5.5 per cent in 2023, which adds to the expectations that we may face a recession.

Independent economist Tony Alexander says that this rate hike was expected, but the concerns about inflation are still justified, and economists have reason to be concerned.

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