Cost of Living Is ‘Number 1’ Priority, Newly Sworn in NZ PM Says as Inflation Remains at 7.2 Percent
An increasing number of New Zealand families are feeling the pinch from the rising cost of living, as the inflation rate remained at a near three-decade high in the three months to December.
Stats NZ revealed the annual inflation rate in the December quarter remained stubbornly high at 7.2 percent.
This was driven by housing construction and rental costs, followed by increased costs of food.
“Higher prices for ready-to-eat food, vegetables, and meat and poultry drove the overall increase in food prices,” Stats NZ manager Nicola Growden said.
In his first post-cabinet briefing as New Zealand prime minister, Chris Hipkins said he would be shifting the government’s focus towards “immediate priority issues,” particularly cost-of-living pressures….