WELLINGTON, New Zealand—The Reserve Bank of New Zealand raised its benchmark interest rate by a half percentage point, its fourth consecutive increase and the largest in more than two decades, mirroring an increasingly aggressive approach by central banks globally as inflation runs at multidecade highs.
New Zealand’s central bank said on Wednesday it had lifted the cash rate to 1.5% from 1.0%. That follows quarter-percentage-point increases at each of its October, November and February meetings. It didn’t hold meetings in December and January.
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