New Zealand's Interest Rate Is Unchanged

New Zealand's central bank left the benchmark interest rate at 8.25 percent, saying slowing growth will not relieve pressure on inflation until next year. "We expect that the official cash rate will need to remain at current levels for a significant time," the Reserve Bank governor, Alan Bollard, said. Inflation is being fanned by a record low jobless rate, rising commodity prices and the promise of income tax cuts.