RBNZ Gov. Orr says forecasts show upward bias to rates, but not a done deal

RBNZ Governor Orr press conference following the policy decision:

• RBNZ leaves cash rate unchanged at 5.5%, as expected
• RBNZ Policy Meeting: NZD/USD surges

Via Westpac:

• The risk of an RBNZ rate hike "is real"

From Orr:

• Meeting with new PM was highly constructive
• We've been adamant on holding rates through next year
• Projection shows upward bias to rates but it is not a done deal
• Risk to inflation is still more to upside
• We did discuss raising rates at this meeting
• Had a robust discussion about rates
• Nervous that inflation has been outside the band for so long
• concerned that longer-term inflation expectations are creeping up

Bolding is mine.