Inflation stays high

The consumers price index (CPI) increased 7.2 percent in the September 2022 quarter, when compared with the same period a year ago, according to Stats NZ.

It follows annual increases of 7.3 per cent and 6.9 per cent in the June and March quarters of this year, respectively – the largest year-on-year movements since a 7.6 per cent rise in June 1990.

The September quarter figure was also an increase of 2.2 per cent from the previous three-month period.

Stats NZ says the main driver for annual inflation was housing and household utilities due to rising prices for construction, rentals for housing, and local authority rates.

The next largest contributor to the year-on-year increase was from the transport group, mainly due to higher prices for petrol and diesel.

Petrol prices increased 19 per cent in the year to the September 2022 quarter and diesel prices jumped 72 per cent.

However, between the June and September quarters this year, prices for petrol fell for the first time since the June 2020 quarter. In the September 2022 spell the price of a litre of 91 octane petrol fell 4.2 per cent to $2.72 compared with $2.84 in the June 2022 quarter.

Diesel prices rose 2.5 per cent to $2.64 from $2.57 over the same timeframe.