Economy

Annual inflation hits 32 year high in June

Pattrick Smellie
Mon, 18 Jul 2022

Annual inflation hits 32 year high in June
Transport fuel costs rose sharply, thanks to the war in Ukraine, in the June quarter (Image: Getty)
Pattrick Smellie
Mon, 18 Jul 2022
Inflation hit a 32-year high, at 7.3% for the year to June 30, as measured by the consumers price index, Statistics New Zealand announced this morning.The increase, higher than the 7% annual rate forecast in May by the Reserve Bank of New Zealand, was driven in part by a hefty 1.7% rise in the general level of prices in the June quarter, with transport fuel prices – petrol and diesel – the biggest factor in the increase.The government moved yesterday to try and take some of the political sting out of what it could be sure would be a...

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