New Zealand inflation sees biggest rise in three decades

by time news

New Zealand recorded a rate of inflation accumulated 6.9%, the largest increase in more than 30 years, between April 2021 and March of this year, official sources reported this Thursday. The New Zealand Statistics Office indicated in a statement that the annual increase in the Consumer Price Index, the indicator with which inflation is measured, comes after reporting a rise of 1.8% in the first quarter of 2022.

inflation, which is lower than projected by experts -which placed it above 7%-, was driven mainly by the strong increase in the price of new housing construction, estimated at 18% -the highest recorded since 1985, the year in which these measurements began-. Likewise, the price of fuel soared 32% in the twelve months prior to March 2022, which also represents the largest increase since 1985, the official statement points out.

“These are difficult times for the world economy given the significant increases in food and fuel prices that affect all nations,” New Zealand Finance Minister Grant Robertson said in a separate statement. “New Zealand cannot be immune to these challenges and the government cannot control the price of food or gasoline,” the finance minister said.

Concerns about rising inflation in the oceanic country prompted the Reserve Bank of New Zealand this month to raise interest rates to 1.5%.

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