Well, well, well.
What do we have here?
Price inflation rises to 3.1%, above the Reserve Bank’s target range
New Zealand’s annual inflation rate has risen to 3.1%, a figure that is no longer within the Reserve Bank’s official target range of between 1-3%.
It marked the fourth time in a row that the Consumer Price Index (CPI) – Statistics New Zealand’s official measure of inflation – had risen.
It followed a 3% increase in prices in the previous September quarter, and 2.7% rise in the 12 months to June.
The 3.1% annual inflation rate for the December quarter was the highest since the June quarter in 2024.
Now if you remember correctly, and I think you all do, late last year all the free market cheerleaders who pretend to be journalists were screaming at us that Luxon was right and the green shoots of recovery were finally blooming, Liam Dann actually popped the champagne…
Pop the bubbly, the economic recovery is here (finally) – Liam Dann
…others however (like us here at TDB) were pointing out that those green shoots of recovery were really the dried snot of desperation and that the terrible damage this Government has inflicted upon the NZ Economy had caused vastly more pain than was being anticipated and we would see a surge of inflation which our new Reserve Bank Governor Nordic Queen would immediately respond to with OCR lifts to contain that inflation.
The OCR will be lifted, the Banks will lift their rates, that tiny breathing space for those with a mortgage will be crushed and the economy will fall back into the hole this Government has dug for itself.
Where’s your ‘green shoots’ champagne now Liam Dann?
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Yes, and Dann was not he only fuck wit NZ economist claiming green shoots of recovery. It seems too many of our economist lean to the right we need some balance however economics theory is full of barbs and it does not have all the answers to our woes despite them thinking the contrary.
Trevor must be wetting himself that his “fake news” things are on the improve jargon is falling into a gaping hole!
Electricity prices increased 12.2% in the December quarter, while local council rates rose 8.8%, and rents increased 1.9%. Other significant contributors were meat and poultry up 8.2%, and telecommunication services up 7%. Petrol prices also increased 2.5%.
Wait what!!! Rents are falling aren’t they, so the rabid righties are telling us?
The cheapest petrol price for 91 octane in Australia is $1.44 and electricity prices are half. Hardly surprising record numbers are leaving for Australia.
NZ is being scammed by this capitalist government. They are the most corrupt in our history.