WELLINGTON : Expected damage to New Zealand's economy from severe weather over the past three weeks has prompted financial markets to downgrade the outlook for interest rate rises.An initial disaster, flash flooding in Auckland, New Zealand's largest city, hit on Jan. 27. Then on Feb. 12 to 15 a cyclone h
WELLINGTON : Expected damage to New Zealand's economy from severe weather over the past three weeks has prompted financial markets to downgrade the outlook for interest rate rises.
"Indeed, it's now pricing a small chance of a pause or just a 25bp hike next week, which is fair," she added. "This will be a significant event financially for the government and for individuals, households, businesses, banks and insurers," he said.A surge in prices looks likely from the disruption. Economists expect inflation, already running at a near three-decade high of 7.2 per cent, to rise as the country replaces homes and contents and repairs infrastructure. Loss of crops will push up food prices.
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