New Zealand inflation nears record high as wisdom of interest rate hikes questioned

New Zealand’s latest inflation data defied widespread forecasts that it would fall on Tuesday as it barely budged from a 30-year high, prompting alarm among economists and raising fresh questions about the effectiveness of interest rate hikes. Prices rose 2.2% in the latest quarter, bringing year-on-year inflation to 7.2% – just below the 7.3% recorded …

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