New Zealand hikes interest rates to 4.75 per cent as country reels from former cyclone Gabrielle

Members of the Glenn family clean their flood-damaged house in Napier, on New Zealand's North Island. (AP: Warren Buckland/Hawkes Bay Today)

New Zealand's central bank has raised its benchmark interest rate by a half point to 4.75 per cent, another blow for consumers as the country's economy reels in the wake of a devastating cyclone.

Former Cyclone Gabrielle struck New Zealand's North Island last week, killing 11 people and causing billions of dollars in damage to homes and infrastructure.