Inflation is slowing, but many New Zealanders are still getting poorer
Inflation is slowing, but many New Zealanders are still getting poorer
17 April 2024
Latest figures show the Consumer Price Index increased four-percent in the year to March, down from 4.7 percent in the year to December.
Council of Trade Unions Economist, Craig Renney, says prices are still rising twice as fast as the minimum wage.
He says food prices are starting to stabilise, but petrol is rising quickly, and rents are going up at the fastest rate since 1999.
Renney says inflation is being driven by rents, rates and insurance prices -- all domestic factors that don't respond well to high interest rates.
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