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The Reserve Bank of New Zealand lowered its official cash rate (OCR) by 25 bps to 3.50% during its April 2025 policy meeting, aligning with market expectations, after a 50 bps reduction in October, November, and February meetings. The central bank has now cut rates by 200 bps since last August, bringing borrowing costs to their lowest level since October 2022 amid potential global economic fallout due to the global trade war. The board noted that the annual inflation remained close to mid-points of the target range of 1 to 3%, and core inflation is consistent with inflation remaining at target over the medium term. However, the developments in global trade barriers create downside risks to the outlook for economic activity and inflation in New Zealand. The annual inflation rate in New Zealand stood at 2.2% in Q4 of 2024, remaining the lowest since Q1 of 2021. Meanwhile, the GDP grew 0.7% quarterly in Q4 of 2024 after contraction in the previous two quarters.