Pace of inflation declines to 6% in the 12 months to June

The largest influence on the annual rate of inflation in the quarter was food. (Image: Unsplash)

Wed, 19 Jul 2023

The annual pace of inflation has declined further in the second quarter of the year. The consumer price index came in at an annual rate of 6% in the 12 months to June – down from 6.7% in the prior quarter – with quarterly inflation coming in at 1.1%. According to Statistics New Zealand, the largest influence on the annual rate in the quarter was food, with prices increasing for vegetables, ready-to-eat food, and milk, cheese and eggs.Vegetable prices increased 23.3% in the 12 months to June 2023, while ready-to-eat food an...

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