Monetary policy committee agrees to raise OCR to 2.75%

Economic Recovery Has Most Likely Resumed Following Weak June Quarter Growth, But Remains Uneven - Raising The OCR To 2.75% Is Appropriate To Sustainably Return Inflation To The 2% Target Midpoint - Future Policy Decisions Will Depend On The Balance Of Risks To Medium-Term Inflation - Future OCR Path Is Not Pre-Determined - Recovery Is Expected To Strengthen And Broaden - Labour Market Conditions Expected To Improve As The Recovery Gains Momentum - Medium-Term Inflation Indicators Are Consistent With Inflation Returning To Target - All Members Agreed The Central OCR Projection Is Appropriate - OCR May Need To Increase Further If The Central Economic Outlook Materialises - Spare Capacity Remains In The Economy, Particularly In The Labour Market