New Zealand raises inflation target

NEW ZEALAND - New Zealand raised its inflation target in the New Policy Targets Agreement announced Tuesday giving new central bank Governor Alan Bollard more leeway to avoid sudden interest rate increases that might choke economic expansion.

The government has charged the bank with keeping inflation "between 1 percent and 3 percent on average over the medium term," according to an agreement signed between Bollard and Finance Minister Michael Cullen. Previously, the Reserve Bank of New Zealand

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