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The Guardian - AU
The Guardian - AU
World
Eva Corlett in Wellington

New Zealand’s central bank lifts rates to 2%, the highest level since 2016

New Zealand Inflation Reserve Bank Interest Rates RBNZ
Close up of New Zealand dollars
The Reserve Bank of New Zealand has lifted interest rates to 2%, the second rate hike in two months as inflation hits a 30-year high. Photograph: Dennis Owen/Reuters

New Zealanders could feel rising living costs bite down harder in the next few months, as the central bank lifts interest rates by half a percentage point to 2% – its highest level since 2016.

The increase matches expectations and is the second rate hike in two months as the Reserve Bank (RBNZ) attempts to rein in inflation, now at a 30-year high.

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