A visual inspection of the inflation rate (measured on the left vertical axis scale) and interest rate (OCR) (right vertical axis scale) figure below shows that in the post 2020 period: 8 0 NEW ZEALAND INFLATION RATE NEW ZEALAND INTEREST RATE 2014 2016 2018 2020 2022 1. The RBNZ responded to inflationary pressures by hiking interest rates in a timely manner. II. There was a delay in the response of the RBNZ to rising inflation resulting in more aggressive subsequent monetary policy tightening. III. The timing of the response or its intensity are irrelevant since inflation was going to rise anyway.