Inflation hits 32 year high

Stats NZ has confirmed that the cost of living in New Zealand is increasing at the fastest rate in 32 years at 6.9%.

While there are international factors at play, it is misleading to gloss over the 68% increase in government spending since Labour took office, combined with the huge borrowing done by the Reserve Bank.

Our inflation rate is well above many of our major trading partners. The list below is of New Zealand and our top 15 trading partners. Only three of our top 15 trading partners have a higher inflation rate.

1. US 8.5%
2. Germany 7.3%
3. UK 7.0%
4. New Zealand 6.9%
5. Italy 6.5%
6. Thailand 5.7%
7. France 4.5%
8. Singapore 4.3%
9. South Korea 4.1%
10. Australia 3.5%
11. Indonesia 2.6%
12. UAE 2.5%
13. Vietnam 2.4%
14. Malaysia 2.2%
15. China 1.5%
16. Japan 0.9%