High inflation in certain parts of the economy is dashing hopes of a cut in the OCR.  

Reserve Bank Chief Economist Paul Conway says that despite overall inflation being at 4.7%, non-tradable inflation is still high at 5.9%. 

Westpac Senior Economist Darren Gibbs told Mike Hosking that they expected an OCR cut to occur in February of next year, and that didn’t change after the announcement.  

He said that they think due to some elements of domestic inflation being quite sticky, it will take longer for inflation to decline than other economists predict. 

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