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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