Annual inflation hits 4.9% - highest in over a decade

Multiple sources of price pressure have pushed inflation up (Image: Deposit Photos)

Mon, 18 Oct 2021

The biggest increase in annual inflation in over a decade will add to the pressure on the Reserve Bank of New Zealand to keep lifting interest rates.The CPI increased 2.2% in the September quarter, bringing the annual rate of inflation to 4.9%.This was the biggest annual movement since inflation reached 5.3% between the June 2010 and June 2011 quarters, Stats NZ said.Economists had expected a quarterly lift of 1.5%, according to Bloomberg.Earlier this month, the RBNZ lifted the official cash rate (OCR) by 25 basis points to 0.5% and said &ldquo...

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