Changes to the Official Cash Rate - and fast - could be on the horizon

Annual inflation hit 5.9 percent for the 2021 calendar year -- the highest spike in more than 30 years.

ASB Senior Economist Mark Smith believes the Reserve Bank will move the OCR in 25 basis points each meeting to a peak of two percent.

He says the risks are heavily skewed towards the central bank doing more than that - with a higher official cash rate end point, and moving the rate more quickly.