Cost of living soars - new inflation data shows huge leap in prices

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Cost of living soars - new inflation data shows huge leap in prices

The consumers price index has surged 2.2 per cent in the September 2021 quarter, much more than economists had expected.

It was the biggest quarterly movement since a 2.3 percent rise in the December 2010 quarter, Stats NZ said today.

Excluding quarters impacted by increases to GST rates, the September quarter movement was the highest since the June 1987 quarter, which saw a 3.3 per cent rise.

Annual inflation was 4.9 per cent in the September 2021 quarter when compared with the September 2020 quarter.

This was the biggest annual movement since inflation reached 5.3 percent between the June 2010 and June 2011 quarters.

That’s up from a 1.3 per cent increase in the June quarter (3.3 per cent year on year).

Economists had been expecting Consumer Price Index it to land between 1.5 and 1.8 per cent for the September quarter for an annual figure of around 4.4 per cent.

Last week data showed Food prices rose 0.5 percent in September 2021 compared with August 2021.

It was the sixth consecutive monthly increase.

While the Reserve Bank is expected to continue hiking interest rates, economists believe it will remain cautious while New Zealand adjusts to living with Covid-19.

Most expect at least three further hikes in the coming months.

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