New Zealand’s inflow of migrants climbed to a fresh record high, extending further into “unsustainable” territory and giving the central bank more cause to ponder whether another interest-rate increase is needed.

Net immigration rose to more than 128,900 in the year ended October, Statistics New Zealand said Tuesday in Wellington. The gain comprised the arrival of about 173,400 non-New Zealand citizens, offset by citizen departures of 44,500.