The New Zealand central bank raises interest rates for the sixth time in a row

Central banks around the world are racing toraising interest rates to try to curb inflation, which reached record levels.

The New Zealand central bank raised interest rates for the sixth time in a row by half a percent to 2.5 percent, the highest rate since March 2016.

For its part, the South Korean central bank raised interest rates by 0.5% to 2.25%, the largest increase since the bank adopted the current policy regime in 1999 and after inflation reached its highest level in 24 years.

Markets are awaiting the outcome of the Bank of Canada meeting, where it is expected to raise the interest rate by 75 basis points to curb inflation.