New Zealand's central bank has shocked nobody by holding the official cash rate at 5.5 per cent

But, it's showed hawkish tones, projecting another hike early next year.

The Reserve Bank has left the OCR untouched since May as it waits and watches inflation slow from generational highs.

Consumers price index inflation peaked at 7.3 per cent in June, and was last measured at 5.6 per cent in the year to September.