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17 May 2022 19:23
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  •   Home > News > Business

    A range of things is underpinning the increases in retail prices

    A range of things is underpinning the increases in retail prices


    Annual inflation hit 5.9 percent for the 2021 calendar year ... the highest in more than 30 years.

    Retail NZ's latest report shows nearly three quarters of retailers are expecting to increase prices over the next three months by around 7.5 percent.

    Chief Executive Greg Harford says the cost of wages, freight, and sourcing products is going up.

    He says they make it increasingly difficult for businesses to keep absorbing cost increases.

    Harford says we've been in a low inflationary environment for a number of years, but are now seeing those increases being passed on to consumers.

    © 2022 Newstalk ZB, NZCity

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