The Reserve Bank will make an announcement on the official cash rate today with many economists expecting it to jump up to 50 basis points to 3%.
The OCR has been steadily increasing since October last year in an ongoing bid to tackle inflation of 7.3%.
Currently the OCR sits at 2.5% after the Reserve Bank's last announcement on July 13. A move to 3% today would be a seven year high.
Explaining its decision for moving the OCR to 2.5% the Reserve Bank said at the time that global inflation has been largely driven by supply disruptions due to Covid-19 and the Russian invasion of Ukraine, combined with an overall increase in spending worldwide.
They said while New Zealand has had to tighten its purse strings, through increased interest rates, the domestic economy is in a good position to weather the global financial situation.
Last month Stats NZ announced that food prices rose 6.6% on last year.
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