New Zealand records inflation of 7.3%: the highest variation since 1990 | International

Statistics New Zealand reported an annual increase Consumer Price IndexAn indicator that measures inflation, the variation over the past 12 months was 7.3%, the highest in more than 30 years.

The news comes after it reported a 1.7 percent rise in the second quarter of 2022.

Statistics NZ referred to annual inflation Driven by rising prices for new homesThat’s up 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.

The organization also said There was a 32 percent increase in petrol prices from July 2021 to last JuneThe highest since 1985, diesel increased by 74 percent over the same period.

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

A rise in the consumer price index has forced the Reserve Bank of New Zealand Last week it raised the interest rate from 2 to 2.5 percentFor the sixth time in a row, it has not ruled out taking similar measures to keep inflation within the target range of 1 to 3 percent.