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Workers feel cost squeeze
Thursday, 17 January 2008, 11:41 am
Press Release: New Zealand Council of Trade Unions
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CTU Media Release
17 January 2008
Workers feel cost
squeeze
“Higher food and petrol prices alongside a lift
in mortgage interest rates mean that workers are feeling the
cost pressures as we start the year”, said Peter Conway,
CTU Economist.
The Consumer Price Index was updated today
and showed a 1.2 percent rise in the December quarter,
taking annual inflation to 3.2 percent.
Peter Conway said
that workers and their families are in particular noticing
the impact of higher grocery prices. The Food Price Index
also released today showed a lift of 5.4 percent in food
prices in 2007 with a 7.8 percent increase in grocery food
prices, and meat and fish prices up by 6 percent. This is
very tough on low income families.
Another major concern
is the big lift in 2007 in petrol prices which rose by 16.9
percent over the year.
While incomes have been going up
for some workers and there has been a lift in the minimum
wage and income support through Working for Families, the
higher cost of living will be a factor that unions take into
consideration in wage bargaining this year.
ENDS
© Scoop Media
Te Kauae Kaimahi
The New Zealand Council of Trade Unions Te Kauae Kaimahi brings together over 350,000 New Zealand union members in 40 affiliated unions. We are the united voice for working people and their families in New Zealand.
CONTACT NEW ZEALAND COUNCIL OF TRADE UNIONS
- Website - union.org.nz/
- Phone - +64 4 385 1334
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- Physical Address - Level 7, West Block, Education House, 178 Willis St, Wellington.
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