New Zealand recorded an inflation increase of 7.3%, the EFE’s highest since 1990.

SYDNEY (Australia), Jul 18 (.).- New Zealand recorded a cumulative inflation rate of 7.3 percent, the highest since 1990, from July 2021 to June this year, official sources said on Monday.

Statistics New Zealand indicated in a report that the annual increase in the consumer price index, an indicator that measures inflation, will increase after announcing a 1.7 percent rise in the second quarter of 2022.

Statistics NZ pointed out that annual inflation was driven by new home price increases, which rose 18 percent in the first two quarters of the year, while home rents rose 4.3 percent between April and June.

“Supply chain issues, labor costs and rising demand continue to drive up the cost of building a new home,” Statistics NZ manager Jason Atwell said.

Petrol prices rose 32 percent between July 2021 and last June, the highest since 1985, while diesel rose 74 percent.

“The ongoing impact of the pandemic on supply chains and global factors such as the war in Ukraine are weighing on prices, particularly fuel and construction,” New Zealand Finance Minister Grant Robertson said in another statement.

A rise in the consumer price index forced the Reserve Bank of New Zealand to raise interest rates for the sixth consecutive week to between 2 and 2.5 percent, and has not ruled out similar measures to keep inflation within the target range. 1 to 3 percent.