The Reserve Bank of New Zealand (RBNZ) has left the rate (OCR) untouched since May as it waits and watches inflation slow from generational highs.
Consumers price index (CPI) inflation peaked at 7.3 per cent in June, and was last measured at 5.6 per cent in the year to September.
"Interest rates are restricting spending in the economy and consumer price inflation is declining, as is necessary to meet the committee's remit," RBNZ governor Adrian Orr said.
"However, inflation remains too high, and the committee remains wary of ongoing inflationary pressures.Â
"Demand growth has eased, but by less than anticipated over the first half of 2023 in part due to strong population growth.
"The OCR will need to stay restrictive, so demand growth remains subdued, and inflation returns to the 1 to 3 per cent target range."
An OCR hold at the November meeting was tipped by every major bank in NZ.
This week's review was the last opportunity to change the OCR this year, with the RBNZ not due to meet again until February.
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