Accommodation supplement review needed as rents double

- Salvation Army

Stats NZ said consumer prices increased by 1.7 percent for the three months ended June, pushing the annual rate to 7.3 percent from 6.9 percent.

That was above expectations and the biggest annual rise since June 1990.
The costs of building and running a house were the single biggest drivers for the quarterly and annual increases.

"Supply-chain issues, labour costs, and higher demand have continued to push up the cost of building a new house," general manager Jason Attewell said.

Food prices rose 1.3 percent in the quarter, on the back of more expensive groceries and takeway meals, while transport costs rose 2.3 percent, the same level of increase as household costs.
On annual basis, household costs and fuel were the major influences.

The numbers showed a solid core of domestic inflation, known as non-tradables inflation, which rose a record 6.3 percent for the year, while tradable inflation, a measure of imported inflation, rose 8.7 percent for the year.

Even stripping out some of the more volatile items, various measures of core inflation were sitting about 6 percent a year.

Stats NZ said New Zealand's inflation rate compared with a 9.6 percent average rate for developed nations, 9.1 percent in the US and UK, and 5.1 percent in Australia.

Link to article: Cost of living soars: Inflation hits 7.3% - highest in 32 years | RNZ News


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