NZ annual inflation surges to 7.3%, reaches 32-year high - Breaking The News

NZ annual inflation surges to 7.3%, reaches 32-year high

17 July

1 min read

The annual inflation in New Zealand reached 7.3% in June, Statistics New Zealand revealed in its report, with the figure exceeding the forecast. The country's Consumer Price Index (CPI) for the second quarter rose by 1.7%. The reading marks the 32-year high, with the figure reaching 7.6% in June 1990.

Sharp growth was recorded in transport that soared by 14% compared to the same quarter the year before, followed by rising prices of food and housing and household utilities group that jumped by 6.5% and 9.1% respectively.

"Supply-chain issues, labor costs, and higher demand have continued to push up the cost of building a new house," Statistics New Zealand General Manager Jason Attewell commented on the report.

inflation cpi

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