Average household interest bill up 29%

(Image: Getty)

Thu, 27 Jul 2023

The cost of living for the average household is increasing faster than the consumers price index – up 7.2% in the June year compared to 6% for the CPI. The main difference between the household living-cost price index and the CPI is that the former includes the cost of mortgage interest payments – which increased 28.8% in the June year. During that period the average floating rate increased from 5.9% to 8.4%, while the 5-year rates remained largely steady at 6.8%, according to RBNZ data. The next biggest contributor...

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