Inflation surprise lifts New Zealand dollar

New Zealand's benchmark interest rate is widely expected to be raised by a quarter of a percentage point to a record level of 8.25% next week, after a report published today revealed that inflation has risen faster than the Reserve Bank anticipated. The news drove the New Zealand dollar to new 22-year highs.

The report showed that consumer prices gained 1% in the second quarter, more than the central bank's estimate of 0.7%, according to Statistics New Zealand. This follows last week's report

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