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Inflation Peaks as Fuel Prices Surge | Auckland News
Inflation hit a two-year high at 4.1%, fueled mostly by soaring petrol prices as New Zealand imports fuel — accounting for nearly a quarter of the rise. While oil prices are now falling and economists predict inflation will dip below 3% by early next year, the Reserve Bank won’t ease up soon, with more rate hikes likely as they monitor whether fuel costs ripple into other goods. Even without fuel, inflation stood at 2.9%, just inside target, while domestic pressures like 12% electricity hikes, 8.8% council rates, and 2.7% housing price growth add to the squeeze. Global shocks — from chip…
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