In brief
In the year to September, New Zealand household living costs grew 3 percent, down from 3.2 percent in the June quarter. A 19.1 percent rise in petrol accounted for a quarter of the uptick, while electricity and local authority rates also added pressure. Interest payment declines helped keep overall cost‑of‑living inflation below the CPI, which was 3.7 percent.
WELLINGTON — New Zealand’s national statistics agency, Stats NZ, reported that household living costs rose 3 percent in the year to the September quarter, easing from a 3.2 percent increase noted for the June quarter. The rise was mainly driven by a 19.1 percent jump in petrol prices, which made up almost one quarter of the overall increase.
Electricity prices also climbed, rising 9.3 percent over the year, and local authority rates grew 6.2 percent, according to Stats NZ. Meanwhile, international airfares were 12.5 percent higher, a rise driven mainly by higher fares to Europe and Asia.
Consumer price index (CPI) inflation for the year was 3.7 percent, down from 4.1 percent in the previous quarter. Stats NZ noted that falling interest payments, which fell around 10 percent for the average household, helped keep living‑cost inflation below the CPI rate.
When grouped by spending level, the agency found that superannuitant households – those receiving the government retirement pension – recorded the highest annual inflation rate at 4 percent. In contrast, higher‑spending households experienced the lowest rate at 2.5 percent.
Radio New Zealand’s personal finances story echoed the Stats NZ data, pointing out that higher petrol prices were a key factor in the year‑to‑year rise. The RNZ article also highlighted that lower mortgage rates helped mitigate some of the fuel price pressure, though full details were not disclosed in the brief.
