New Zealand Treasury say domestic demand is being dampened by high interest rates

If so that'd be "mission accomplished' for the Reserve Bank of New Zealand.

Like all other developed market central banks the RBNZ realised there was zero it could do to address supply chain issues that were igniting higher price pressures. The Bank had to instead work to lower domestic demand and attack inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term that way. Which it did. The big difference with the RBNZ was it did so early, way before the likes of the Fed, Reserve Bank of Australia and others.

more to come