New Zealand raised its benchmark interest rate by a half percentage point, the largest in more than two decades, mirroring an approach by central banks globally as inflation runs at multidecade highs
WELLINGTON, New Zealand—The Reserve Bank of New Zealand raised its benchmark interest rate by a half percentage point, its fourth consecutive increase and the largest in more than two decades, mirroring an increasingly aggressive approach by central banks globally asNew Zealand’s central bank said on Wednesday it had lifted the cash rate to 1.5% from 1.0%. That follows quarter-percentage-point increases at each of its October, November and February meetings.
at their May 3-4 meeting, after lifting rates by a quarter percentage point last month. Expectations for a large rate increase hardened after U.S. consumer prices rose 8.5% from a year earlier in March, propelled by skyrocketing food and energy costs, supply constraints and strong consumer demand. Sharon Zollner, chief economist at ANZ Bank in New Zealand, said it makes sense to get on top of inflation now with strong action. Delaying would only necessitate a greater degree of monetary tightening later on with much more significant costs to the economy, she said.
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