Reserve Bank Governor Adrian Orr is confident inflation is finally being brought under control.

The central bank has hiked the Official Cash Rate by a further 25-basis points to 5.5 percent, lower than the the 50-basis-point rise some had been expecting.

It's also indicating the OCR won't be raised any further, despite many economists predicting it would be.

Adrian Orr told Mike Hosking all indicators suggest that previous OCR hikes have now constrained spending and reduced inflationary pressure.

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