“A drop of 0.1% in annual inflation rate is nothing to write home about. Inflation of 7.2% is still far too high and causing significant hardship for New Zealanders,” Taxpayers’ Union Campaigns Manager Callum Purves says.

"Of concern is that while there has been a small drop in the annual figure, quarterly inflation numbers are up 0.5% which indicates we are not out of the woods in the slightest.

“While Kiwis struggle under the cost of living crisis and the practical implications of such high inflation, the Government should keep their heads down and focus on reducing wasteful spending, which would allow for some tax relief to alleviate pressure on families.

“We will reserve celebration until we see a return to the 1-3% sweet spot that the Reserve Bank is expected to maintain.”
 

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