ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Economy

New Zealand lifts benchmark cash rate to 2.5%

Central bank forecasts increases to peak at 4% in late 2023

A cafe in Christchurch, New Zealand in 2020. The country's inflation rate is running at 6.9% with grocery, restaurant bills and other prices increasing.   © AP

WELLINGTON, New Zealand (AP) -- New Zealand's central bank on Wednesday lifted its benchmark interest rate by half a percentage point to 2.5% as it attempts to curb inflation.

It was the third time this year that the Reserve Bank of New Zealand lifted the cash rate by 50 basis points, following hikes in April and May. There was also a quarter percentage point rise in February.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more