WELLINGTON, Aug 18 (Reuters) - Reserve Bank of New Zealand Governor Adrian Orr said on Thursday that the central bank was confident domestic inflation was now tracking lower.
"We are at the low end globally and we are tracking in the right direction," Orr said as he answered questions from members of the New Zealand parliamentary Finance and Expenditure Committee.
On Wednesday, the RBNZ increased the cash rate by 50 basis points to 3.0% as it seeks to get inflation under control. New Zealand inflation is currently at three-decade highs having hit 7.3% in the second quarter.
(Reporting by Lucy Craymer; Editing by Leslie Adler)
