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Full video: Finance Minister speaks after OCR hiked in latest update

By 1News Reporters

2:22pm

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Finance Minister Nicola Willis spoke from about 2.30pm. Source: 1News (Source: Other)

Finance Minister Nicola Willis spoke this afternoon after the latest Official Cash Rate update.

This afternoon, the OCR was hiked from 2.25% to 2.5%, in a move intended to tame inflation.

The Reserve Bank of New Zealand also signalled that "further reduction in monetary stimulus is likely to be required to return inflation to the 2% target mid-point".

Live updates: Reserve Bank hikes OCR, further rate rises likely ahead

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