More rate hikes coming as inflation hits highest in 31 years

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)
Rebecca Howard
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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