New Zealand’s central bank raised interest rates by half a percentage point on Wednesday, its biggest increase in 22 years, following worries about surging inflation exacerbated by Russia’s invasion of Ukraine.
The Reserve Bank of New Zealand lifted its official interest rate by 50 basis points to 1.5 per cent, bringing forward an increase that it had flagged would be made this year.
The decision was announced a day after the US reported that inflation hit 8.5 per cent in March, growing at its fastest pace in 40 years, as supply chains struggled to keep up with a post-pandemic surge in demand and the war in Ukraine boosted commodity prices.
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