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

 

Māori households saw the highest inflation in March quarter

By Rebecca Howard

May 14 (BusinessDesk) - Māori households saw the highest inflation in the March quarter and price rises for cigarettes and tobacco had the largest impact on inflation for most household groups, Statistics New Zealand said.

Maori households saw their cost of living rise 1.3 percent compared to the December quarter and Stats NZ said the increase was "driven by higher prices for cigarettes and tobacco, and interest payments."

Overall costs for the lowest-expenditure household group were up 0.8 percent in the March quarter compared with the December quarter, Stats NZ said. Beneficiaries saw their living costs lift 1 percent. Households in the highest earning group saw their cost of living lift 0.6 percent versus the prior quarter, while superannuitants also saw their overall costs rise 0.6 percent.

On an annual basis, living costs for low-spending households rose 1.8 percent while they were up 1.9 percent for beneficiaries and 1.4 percent for the highest-expenditure household group, Stats NZ said. The overall costs for Māori households increased 2 percent in the year to March 2018, which was driven by increasing prices for cigarettes and tobacco, and rent.

Cigarettes and tobacco make up approximately 3 percent of total household living costs for the lowest-spending households, compared to 1 percent for the highest-spending households. “Like the March 2017 quarter, prices for cigarettes and tobacco have seen large rises due to the annual tobacco tax increase,” Stats NZ consumer prices manager Geraldine Duoba said. “The tax increase was implemented at the beginning of the year, bringing the average price for a packet of 25 cigarettes up to $35.14.”

Price increases for rent (up 0.7 percent) and petrol (up 2.5 percent) made the next-biggest contributions to price rises for the lowest-spending households, Stats NZ said.

The introduction of the government’s new ‘first-year free’ policy for tertiary education had a dampening effect on inflation for all households. However, the highest-spending households received the greatest benefit because they spend proportionally more on tertiary education. These households also experienced the greatest effect from the seasonal price drop in international air transport, Stats NZ said.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

'Unprecedented' Conditions: Genesis Coal Burn 5-Yr High

Coal-fired generation from Genesis Energy’s Huntly operations was the highest in more than five years in the December quarter, as a combination of low hydro storage and plant outages were compounded by tight natural gas supplies. More>>

ALSO:

Climate Summary: NZ’s Equal-2nd Warmest Year On Record

Annual temperatures were above average (+0.51°C to +1.20°C above the annual average) across the majority of New Zealand... 2018 was the equal 2nd-warmest year on record for New Zealand, based on NIWA’s seven-station series which began in 1909. More>>

ALSO:

GDP: Economic Growth Dampens In The September Quarter

Gross domestic product (GDP) rose 0.3 percent in the September 2018 quarter, down from 1.0 percent in the previous quarter, Stats NZ said today... GDP per capita was flat in the September 2018 quarter, following an increase of 0.5 percent in the June 2018 quarter. More>>

ALSO:

Up $1.20: $17.70 Minimum Wage For 2019

Coalition Government signals how it will move toward its goal of a $20 p/h minimum wage by 2021... “Today we are announcing that the minimum wage will increase to $17.70 an hour on 1 April 2019." More>>

ALSO: