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Economy

New Zealand's central bank hikes rates for third consecutive time

Bank aims to get on top of rising inflation and hot housing market

The Reserve Bank of New Zealand continues to lift interest rates.   © Reuters

WELLINGTON (Reuters) -- New Zealand's central bank delivered a third straight interest rate hike on Wednesday that took borrowing costs back to pre-pandemic levels and signalled a more aggressive tightening path to counter rising inflation.

All but one of the 20 economists in a Reuters poll predicted the Reserve Bank of New Zealand's (RBNZ) 25-basis point hike in the official cash rate (OCR) to 1.0%. One poll respondent expected a 50-basis point hike.

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