New Zealand’s Central Bank increased interest rates by 50 basis points (bps) to a seven-year high of 3.5 per cent on Wednesday and highlighted more to come as it skirmishes to contain obstinately high inflation.

All the 24 economists in a Reuters poll forecast the Reserve Bank of New Zealand (RBNZ) will be moving by half a point, the eighth straight hike since it began tightening a year ago. The minutes of the meeting were presented to the committee, and even it debated whether to hike by 75 basis points (bps) but decided on a half-point move.

“The Committee has agreed it remains suitable to endure and to tighten the monetary circumstances at a pace to maintain its prevailing price stability and contribute to the maximum sustainable employment,” said the RBNZ in a statement.

Established in 1934, The Reserve Bank of New Zealand is the central bank of New Zealand. Constituted under the Reserve Bank of New Zealand Act 1989, it is responsible for the country’s currency and operating monetary policy. Headquartered in Wellington, its current Governor is Adrian Orr.