The Reserve Bank has lifted the rate by half a percent, to 1.5 percent.
NZIER principal economist, Christina Leung, says she thought there was a 50/50 chance of the rise being 50 basis points.
But she told Mike Hosking the central bank is balancing a lot of different factors.
Leung says there's a surge in inflation pressures, but there's also uncertainty from how the Covid-19 outbreak will evolve, and the war in Ukraine.
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