Reserve Bank holds OCR at 5.5% despite concerns about inflation pressures

The Reserve Bank has again pumped the brakes on the official cash rate, holding it at 5.5% despite concerns about lingering inflation pressures. The central bank says OCR will need to stay at a restrictive level for a "sustained" period, dashing hopes of a rates cut anytimes soon. ANZ chief economist Sharon Zollner has been swimming against tide of economists, predicting the OCR would go up.