World Business Watch: New Zealand delivers biggest rate hike ever, interest rates at near 14-yr high

New Zealand struggles to contain stubbornly high inflation, its Central Bank raised interest rates by 75 basis points to a near 14-year-high of 4.25%. It is flagged that more hikes can come. 15 of 23 economies in a poll earlier forecast that Reserve Bank of New Zealand would move by 7.5%.