Source: MIL-OSI Submissions
Annual inflation at 7.3 percent, 32-year high – Media release
18 July 2022
The consumers price index increased 7.3 percent in the June 2022 quarter compared with the June 2021 quarter, Stats NZ said today.
The 7.3 percent increase follows an annual increase of 6.9 percent in the March 2022 quarter, the previous largest annual movement since a 7.6 percent increase in the June 1990 quarter that occurred shortly after the introduction of Reserve Bank of New Zealand Act 1989. The Act came into effect in February 1990 to target the high inflation from the previous decade and maintain stability in the general level of prices over the medium term.
The main driver for the 7.3 percent annual inflation to the June 2022 quarter was the housing and household utilities group, due to rising prices for construction and rentals for housing.
Prices for the construction of new dwellings increased 18 percent in the June 2022 quarter compared with the June 2021 quarter.
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