KEY POINTS:
The oil price hit a fresh record overnight of US$115 a barrel on renewed fears about demand rising from Asia and supply from Russia and the Middle East being under threat.
Meanwhile, internationally traded rice prices hit fresh record highs over US$1,000 a tonne overnight after a range of Asian countries, including Vietnam, India, China, and Indonesia either banned or restricted rice exports, causing panic on global markets. The price of rice has risen nearly 50 per cent in the last month.
The Reserve Bank of New Zealand, which is expected to announce next week it will keep rates on hold for now, has said it is watching the Asian growth and inflation outlook closely.
- INTEREST.CO.NZ
