Some good news, and some bad news, from the Reserve Bank.

The central bank has hiked the Official Cash Rate by a further 25 basis points to 5.5 percent.

But it's also indicated no further hikes are likely, before the OCR starts coming down towards the end of next year.

Weakening is already being felt in the retail sector, where new figures show spending is continuing to slide.

Retail NZ Chief Executive Greg Harford told Kate Hawkesby the OCR hike will push spending down even further.

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