An article from RNZ.
Explainer – Reserve Bank governor Adrian Orr says climbing mortgage interest rates and a recession are the price New Zealanders will have to pay to get inflation under control.
His comments came as the Reserve Bank hiked the Official Cash Rate (OCR) a whopping 75 basis points yesterday, to 4.25 percent – its highest level since December 2008.
But what is a recession? How long could the one New Zealand is headed for last, and how might it affect you?
RNZ is here to clear it all up.