The cost of living for the average New Zealand household rose 5.4% in the year to the June quarter, according to Statistics NZ. Each quarter, the HLPIs track how inflation impacts 13 different household groups, as well as an all-households group, also known as the average household. “Mortgage interest payments remain high and continue to make a significant contribution to living costs for many households,” Statistics NZ consumer prices manager James Mitchell says. Property rates and related services make up 7.7% of expenditure for superannuitant households compared with 4.6% for the average household. The most recent high in average household living costs was the 8.2% rise recorded in the 12 months to the December 2022 quarter.

Source: New Zealand Herald July 26, 2024 03:15 UTC