More rate hikes coming as inflation hits highest in 31 years

The main driver for annual inflation was housing and household utilities. (Image: Deposit Photos)

Thu, 27 Jan 2022

Annual inflation hit a three-decade high in the December quarter, upping the ante on the Reserve Bank of New Zealand to keep lifting interest rates.The consumers price index increased 1.4% in the December quarter, taking the annual rate of inflation to 5.9%, Stats NZ said.It was the biggest annual movement since a 7.6% annual increase in the June 1990 quarter.Economists had expected annual inflation to be 5.7%, in line with the central bank’s latest forecast last November. “This marks yet another significant lift in the...

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