New Zealand steps up fight against soaring prices

New Zealand's central bank has stepped up its fight against soaring prices, raising its key interest rate to the highest level in over 13 years.

The Reserve Bank of New Zealand increased its key rate of interest by 0.75 percentage points to 4.25%.

That was the biggest rise since the rate, known as the official cash rate, was introduced in 1999.

It comes after the country's annual inflation rate stood at 7.2% in the three months to the end of September.

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