Official figures showed on Monday that New Zealand’s inflation reached 7.3% year-on-year in the second quarter of 2022, the highest level in 32 years. The main factors were rising costs of fuel, food and housing, according to Stats NZ, pushing inflation to a level not seen since 1990.
“Supply chain problems, labor costs and rising demand continue to drive up the cost of housing constructionJason Atwell of Stats NZ said: ANZ Bank chief economist Sharon Zollner told TVNZ that there is a risk that prices will rise further and that consumers will continue to spend despite higher prices.
Earlier this month, New Zealand’s central bank raised its benchmark interest rate to a six-year high and warned that more increases could follow. On Sunday, the government said measures to reduce the cost of fuel and public transportation would remain in place until January.
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