RBNZ Hikes Rate Again to Combat Inflation

New Zealand's central bank, the Reserve Bank (RBNZ), raised its key interest rate for the second consecutive meeting to combat inflationary pressures.

The Official Cash Rate was increased by a quarter percentage point to 2.75%, as widely expected, in an effort to shift to less stimulatory settings.

The RBNZ's new forecasts indicate a chance of one further quarter-point hike before the end of this year.