Nicola Willis: National Finance spokesperson says cost of living crisis is raging, RBNZ having to pull interest rate handbrake

National is warning people are in for a pummelling as the Reserve Bank continues to hike the Official Cash Rate. Five 50 basis point rises in a row has the OCR at 3.5 percent. National Finance spokesperson Nicola Willis says every signal is interest rates will need to go higher to get inflation under control. She told Roman Travers government spending is having an influence. Willis says the more spending that goes on, the more fuel goes on the inflation fire. She says the cost of living crisis is raging on, so the Reserve Bank is having to pull ever-harder on the interest rate handbrake. LISTEN ABOVESee omnystudio.com/listener for privacy information.