Brad Olsen: Infometrics Principal Economist on forecast for official cash rate

Infometrics predict the official cash rate (OCR) won’t move until February next year - rather than this November.  Non-tradeable inflation (inflation that is domestic and not influenced by international factors) has caused issues for the Reserve Bank – say business commentators.   It makes up almost 60% of the consumer price index (CPI), which the Reserve Bank is trying to reduce.  Infometrics Principal Economist Brad Olsen told Jack Tame “We kept looking out at the economy and we can’t support our previous view.”  Olsen says “You’re not going to use monetary policy to get local government rates under control, or insurance premiums.”  LISTEN ABOVE. See omnystudio.com/listener for privacy information.