New Zealand's largest bank, ANZ, has lifted their mortgage and deposit rates by as much as 30 basis points.

As of today, the bank's six-month mortgage rates will increase by 26 points, its four and five-year rates will rise by 25 points, and its three-year rates by 20 points.

ANZ has also hiked their one-year, 18-month, and two-year rates by between 10 and 14 points.

NZ Herald Wellington business editor Jenee Tibshraeny explains the economic factors driving up these rates.

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