More from the RBNZ: price indices signal a continued decline in consumer price inflation ...Middle East

The Reserve Bank of New Zealand cut its cash rate by half a percent, headlines here:RBNZ cuts cash rate by 50bp, as widely expectedFrom the minutes to the RBNZ meeting:The committee confirmed that future changes to the OCR would depend on its evolving assessment of the economy.The committee agreed that excess capacity has dampened inflation expectations, and price and wage changes are now more consistent with a low-inflation environment.Members agreed that an OCR of 4.75 percent is still restrictive and leaves monetary policy well-placed to deal with any near-term surprises.New Zealand’s annual consumer price inflation is assessed to currently be within the committee’s 1 to 3 percent target

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