- विज्ञापन -
Wellington: According to Stats NZ, the average living costs for New Zealand households rose by 3% in the year leading up to the December 2024 quarter. This follows a 3.8% increase during the previous year up to the September 2024 quarter. The figures are based on the household living-costs price indexes (HLPIs), which highlight how inflation impacts different household demographics. The peak for HLPIs was an 8.2% increase in the year up to the December 2022 quarter, as reported by Xinhua news agency.
In contrast, the consumer price index (CPI), which reflects inflation across New Zealand as a whole, saw a rise of 2.2% in the same 12-month span, matching the increase observed in the September quarter. The highest CPI increase recorded was 7.3% in the year ending in June 2022.
Over the three years since December 2021, interest payments, as indicated by the HLPIs, surged by 104%, while the CPI went up by 14.7%, and the all-groups HLPI increased by 19.3%. Notably, HLPIs account for interest payments, whereas the CPI includes expenses related to new home construction and influences monetary policy.
Nicola Growden, a spokesperson for Stats NZ prices and deflators, noted the continued burden of high mortgage interest payments on households. While still elevated, the inflation rate for these payments has begun to moderate from the peaks observed in 2022. Specifically, mortgage interest payments rose by 7.1% over the year ending December 2024, while new home construction costs increased by 2%. Other factors driving living costs higher included property rates, associated services, insurance, and rent.
