Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Living in New Zealand even now more expensive

Living in New Zealand even now more expensive - especially if you are poor.

--
The release of the September Consumer Price Index (CPI) by Statistics New Zealand shows that incomes are not keeping up with the cost of living. "Prices are rising faster than wages, and some of the biggest price rises are basic necessities for the lowest paid" said Sam Huggard, Council of Trade Unions Secretary.

Prices rose 1.9 percent in the last year, mostly driven by the escalating cost of food and housing. "Food and shelter are the most basic and unavoidable costs, but they make up a bigger percentage of the budget for families earning the least" Mr Huggard said. "Even petrol prices have risen faster than most costs and wages over the last year. Those who are struggling to get by are trying to keep up with higher relative inflation than people who have a bit more financial flexibility."

"It’s not fair to working people that wages across the board are falling behind the cost of living. In the year to June, the average hourly wage rose only 1.6 percent and the Labour Cost Index rose only 1.7 percent. To make sure that working people maintain decent and dignified lives, we need to strengthen their voice through collective bargaining and also give a substantial lift to the minimum wage. It is an urgent priority for the incoming Government to boost real incomes, pay a living wage to the people they employ and establish industry standards to deliver a fairer return for Kiwi’s hard work" he said.

Food rose 2.8 percent over the past year, housing and household utilities rose 3.0 percent (with new housing rising 5.4 percent), and house insurance rose 12.1 percent. Petrol rose 4.5 percent. Over a quarter of the rise in prices was due to food and 40 percent of the rise was due to housing and household utilities.

Full Statistics New Zealand figures available here: www.stats.govt.nz/browse_for_stats/economic_indicators/CPI_inflation/ConsumersPriceIndex_HOTPSep17qtr.aspx
ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Collecting Scalpers: Commerce Commission To Sue Viagogo

The Commission will claim that Viagogo made false or misleading representations: • that it was an “official” seller, when it was not • that tickets were limited or about to sell out • that consumers were “guaranteed” to receive valid tickets for their event • about the price of tickets... More>>

ALSO:

Price Of Cheese: Fonterra CEO Goes Early After Milk Price Trimmed

Aug. 15 (BusinessDesk) - Fonterra Cooperative Group chief executive Theo Spierings is leaving the role early after the world's biggest dairy exporter lowered its farmgate payout and trimmed its dividend to retain cash. More>>

ALSO:

9.2 Percent: Gender Pay Gap Second-Smallest On Record

This is the second-smallest gap since the series began 20 years ago. In comparison, the gender pay gap was 9.1 percent in 2012 (the lowest on record) and 9.4 percent last year. More>>

ALSO:

Forest & Bird: Report Find Council Failures On Effluent

The report exposes significant inconsistencies and gaps in how regional councils are enforcing the rules around dairy effluent management. More>>

ALSO:

Mana In Mahi: Helping Young New Zealanders Into Work

Thousands of young people will be given the chance to gain valuable qualifications and meaningful work under the Mana in Mahi – Strength in Work scheme launched by Prime Minister Jacinda Ardern today. More>>

ALSO:

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

The Official Cash Rate (OCR) remains at 1.75 percent. We expect to keep the OCR at this level through 2019 and into 2020, longer than we projected in our May Statement. The direction of our next OCR move could be up or down. ... More>>