Reserve Bank Governor Adrian Orr indicated the 25bps increase to 5.5 percent is as high as the OCR will go for the foreseeable future.

Orr explained that the OCR will have to stay at 5.5 percent for much of next year to bring down inflationary pressures.

HSBC Chief Economist Paul Bloxham agrees that the OCR has peaked and doesn't think the Reserve Bank will hike rates up.

He says the next direction for the OCR is down, and the earlier hikes have already tipped the economy into a recession.

LISTEN ABOVE

• Retail NZ Chief: OCR hike will push spending down even further
• Infometrics Principal Economist: The Reserve Bank has taken future OCR increases off the table
• Westpac chief economist still forecasts future OCR increases