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Inflation in New Zealand hits 32-year high

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Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="A man stands near Australia and New Zealand Banking Group Limited (ANZ) automatic teller machines (ATMs) in Sydney, New South Wales, Australia, Dec. 16, 2019. Mick Tsikas, EPA-EFE/File " src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/overseas/07/18/anz.jpg"/><figcaption>A man stands near Australia and New Zealand Banking Group Limited (ANZ) automatic teller machines (ATMs) in Sydney, New South Wales, Australia, Dec. 16, 2019. <em>Mick Tsikas, EPA-EFE/File </em></figcaption></figure></div><p>WELLINGTON - Inflation in New Zealand rose to a 32-year high of 7.3 percent on-year in the second quarter, according to official figures released Monday.</p><p>The main drivers were rising fuel, food and housing costs, said Stats NZ, putting inflation at a level last seen in 1990.</p><p>&quot;Supply chain issues, labour costs, and higher demand have continued to push up the cost of building a new house,&quot; said Jason Attewell of Stats NZ.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/05/22/inflation-rises-again-hits-61-percent-in-june">Inflation quickens again to 6.1 percent in June; PSA says more price hikes likely</a></li></ul><p>Earlier this month, New Zealand&#x27;s central bank raised its benchmark interest rate to its highest level in 6 years and warned further rises could follow.</p><p>ANZ Bank chief economist Sharon Zollner told TVNZ that there was a risk prices could go even higher.</p><p>She said that while inflation was making life hard for consumers, they were continuing to spend.</p><p>The government could not alter the global factors behind rising prices, Transport Minister Michael Wood has said, but that it could take some of the edge off inflation.</p><p>On Sunday, the government said relief measures for fuel and public transport would stay in place until January.</p><p>With New Zealand set to re-open its borders to all foreign travel from midnight on July 31, Nicola Willis, deputy leader of the opposing National Party, said allowing in immigrants would help stem rising inflation.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/06/21/22/ph-embassy-vows-assistance-to-pinoys-in-nz-road-crash">PH embassy assures ‘readiness to assist’ kin of Filipinos in NZ road crash</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2123141" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Inflation in New Zealand rose to a 32-year high of 7.3 percent on-year in the second quarter, according to official figures released Monday.