August 7, 2022

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New Zealand records highest inflation since 1990

New Zealand records highest inflation since 1990

New Zealand recorded the rate inflammation 7.3 percent increase, the highest since 1990, in the period from July 2021 to June this year, official sources said on Monday.

Statistical Office New Zealand A report pointed to an annual increase in the consumer price index, an indicator that measures inflation, after announcing a 1.7 percent rise in the second quarter of 2022.

living place

Statistics NZ noted annual inflation was driven by higher prices for new ones familiesThat’s up 18 percent in the first two quarters of the year, while home rents rose 4.3 percent between April and June.

“Problems in Chains materialsLabor costs and rising demand continue to drive up the cost of new home construction,” Statistics NZ manager Jason Atwell said.

The company also pointed out that there has been an increase in the price of Petrol It was up 32 percent between July 2021 and last June, the most since 1985, while diesel rose 74 percent in the same period.

War and Epidemic

“The current impact of the pandemic is on global factors such as supply chains and war Ukraine “It affects prices, particularly fuel prices and construction material prices,” New Zealand’s finance minister said. Grant RobertsonIn another statement.

An increase in the Consumer Price Index forced Reserve Bank New Zealand Last week it raised interest rates by 2 to 2.5 percent, the sixth consecutive time, and has not ruled out similar measures to keep inflation within the target range of 1 to 3 percent.