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)

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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