Banks › Reserve Bank of New Zealand › History › 8 Jul 2026
Reserve Bank of New Zealand: decision of 8 July 2026
The Reserve Bank of New Zealand raised the Official Cash Rate by 25 basis points to 2.50%, its first move of 2026.
Decision
raise
- Rate
- 2.25%↑2.50%
- Change
- +25 bp
- Vote
- consensus
- Announced
- 14:00 Auckland time
Sources
- Statement
- rbnz.govt.nz/news-and-events/news/2026/07/…
- Media conference slides (PDF)
- rbnz.govt.nz/-/media/project/sites/rbnz/fi…
- Recorded
- 8 Jul 2026
- Data
- JSON
What the bank said
The Committee said global oil and other petrochemical prices had fallen markedly after the partial reopening of the Strait of Hormuz, easing near-term inflation pressures, though the effects of the shock would linger.
It noted that the recovery lost momentum in the June quarter as the oil shock weighed on activity, with growth expected to resume in the September quarter.
The Committee said that with inflation still above target and activity expected to strengthen, some further reduction in monetary stimulus was likely to be required.
Guidance. The Committee said future OCR decisions would depend on how incoming data, price-setting behaviour and the strength of economic activity affect medium-term inflation pressures.
“some further reduction in monetary stimulus is likely to be required to return inflation to the 2 percent target mid-point”
Before and after
- Previous decision: 27 May 2026, held the Official Cash Rate (OCR) at 2.25%.
- Next decision: 2 Sept 2026, raised the Official Cash Rate (OCR) by 25 bp to 2.75%.
- All Reserve Bank of New Zealand decisions and the rate history