Inflation remains very high at 7.2%
Stats NZ has reported that annual inflation remains high at 7.2%. Components are:
- Non-tradeable 6.6%
- Tradeable 8.2%
- Home ownership 18%
- Food 11%
- Fruit and vegetables 20%
- Transport 8.4%
The cumulative effect of quarter after quarter of high inflation is significant. The cost of living is 14.1% higher than the last election and 19.8% higher than when Labour took office.
In most developed countries, inflation is now declining. It has dropped in France, Canada, Germany, EU, US, Ireland and UK.
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