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New Zealand interest rate hike raises pressure on central banks over inflation
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New Zealand’s central bank has lifted interest rates for the second time in as many months to 0.75%, with many forecasters expecting borrowing costs to rise to at least 2% by next year and possibly higher.
In a warning signal for central banks around the world as they struggle to contain inflationary pressures, the Reserve Bank of New Zealand (RBNZ) raised the official cash rate by 25 basis points to 0.75% as expected in its final policy meeting of the year on Wednesday.
The RBNZ said further stimulus easing may be needed. “The committee expected that the rate would need to be progressively increased and, conditional on the economy evolving as expected, the rate would probably need to be raised above its neutral rate,” minutes of its meeting
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