New Zealand's central bank raises rates by 50bp, considered 75bp

New Zealand's central bank raised interest rates by 50 basis points to a seven-year high of 3.5% on Wednesday and flagged more to come as it struggles to contain stubbornly high inflation.

All 24 economists in a Reuters poll forecast the Reserve Bank of New Zealand (RBNZ) would move by half a point, the eighth straight hike since it began tightening a year ago.

Minutes of the meeting showed the committee even debated whether to hike by 75 basis points but decided on a half-point move.

"The Committee agreed it remains appropriate to continue to tighten monetary conditions at pace to maintain price stability and contribute to maximum sustainable employment," the RBNZ said in a statement.