The $3,000 more each household is paying

The NZ Initiative has a useful research note on cost of living. They have looked at the Stats NZ data and worked out the extra costs over the last year are:

  • Transport $1,042
  • Food $478
  • Housing $424
  • Interest $262
  • Rates $164
  • Other $632

They also point out that our inflation rate of 5.9% is higher than 19 of out 20 largest trading partners. And possibly related to that our level of borrowing is one of the highest in the OECD during the pandemic.