Don't pop the economic champagne cork yet

Household costs are still increasing but not as fast yet. (Image: Getty)

Fri, 08 Dec 2023

As the calendar turns toward 2024, New Zealand households will continue to navigate choppy economic waters as inflation remains stubbornly high. ASB Bank senior economist Mark Smith predicts that the average household will need to come up with an extra $70 per week in 2024 just to cover costs.This follows a weekly $115 increase in 2023 and $140 in 2022.In both of those years, rising living costs were higher than gains in household incomes, reducing household saving buffers, he said.Smith noted that these figures are based on the avera...

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