On Friday, Stats NZ released data showing that New Zealand household living costs rose 3 percent in the year to the September quarter, easing from a 3.2 percent increase in the year to the June quarter, as higher petrol prices drove inflation, the national statistics agency said.
The jump was driven mainly by a 19.1 percent rise in petrol prices, which accounted for almost one quarter of the total increase in average annual household living costs. Electricity prices rose 9.3 percent over the year, while local authority rates increased 6.2 percent, both adding to higher living costs, Stats NZ said.
Statistical notes also highlighted that superannuitant households – those receiving the government retirement pension – recorded the highest annual inflation rate at 4 percent, whereas higher‑spending households experienced a lower rate of 2.5 percent.
By comparison, consumer price index (CPI) inflation was 3.7 percent in the year to the September quarter, down from 4.1 percent in the year to the prior quarter. Stats NZ added that falling interest payments helped keep household‐living‑cost inflation below the CPI rate, with interest payments for the average household declining around 10 percent over the year.
RNZ National’s personal finance coverage also reported the same 3 percent rise, noting that the data was sourced from Stats NZ and that higher fuel costs, alongside increasing electricity and rate charges, were the main drivers of the trend.
