Larry Williams Drive

The Reserve Bank's reacted to rising inflation with a double hike of the Official Cash Rate.  It now sits at 1.5 percent. ASB chief economist Nick Tuffley told Andrew Dickens we have rampant inflation and demand is well outstripping the ability to keep up with that. “The Reserve Bank’s job is to basically pull that demand down, unfortunately, that does mean slowing the economy down to something a lot more sustainable and as we’re already starting to see, one of the casualties of that is the housing market was already softening.” Meanwhile, ANZ's upping rates on its fixed and floating home loans, savings and term investments are on the back of the OCR hike. LISTEN ABOVESee omnystudio.com/listener for privacy information.