New Zealand’s (NZ) annual inflation rate has reached its highest level in over 30 years at 6.9 percent, Stats NZ has revealed.
“The 6.9 percent increase follows an annual increase of 5.9 percent in the December 2021 quarter, the previous largest annual movement since the 7.6 percent increase in the June 1990 quarter,” Stats NZ said.
It was still lower than the seven percent inflation figure that economists were predicting.
The consumer price index rose 1.8 percent in the March quarter, mainly driven by soaring petrol prices that have since dropped.
The main driver of rising annual consumer costs was housing, influenced by homeownership, rising construction costs, and higher actual rents.
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