Annual inflation jumps the most in nearly 10 years

Higher prices for building houses reflect both supply-chain problems and high demand. (Image: Deposit Photos)

Fri, 16 Jul 2021

The biggest increase in annual inflation in nearly a decade will stoke calls for higher interest rates.The CPI increased 1.3% in the June quarter, bringing the annual rate of inflation to 3.3%.Inflation was driven by higher prices for new housing and a 16.1% lift in annual petrol prices, Stats NZ said. Quarterly inflation was 1.3%, also the highest in over a decade.The strong read will add to pressure on the central bank to begin lifting rates, with economists now forecasting it will move as early as next month.Earlier this week the centr...

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