The cost of living is about to get a whole lot pricier if you've got a mortgage and there could be yet more pain coming down the pipe.
The Reserve Bank has raised the official cash rate half a percent to a six-year high of 2 percent, in a bid to reel in out of control inflation that's at a 30-year high.
Eyes are on retail banks to pass rate hikes on to customers. The Reserve Bank's also signalled it will maintain its approach of "briskly" lifting the OCR.
KiwiBank chief economist Jarrod Kerr is here to explain what it all means and what to expect.
