The consumers price index increased 6.9 percent in the March 2022 quarter compared with the March 2021 quarter, the largest movement since a 7.6 percent annual increase in the year to the June 1990 quarter
And adds a bit of finger pointing:
The 6.9 percent increase follows an annual increase of 5.9 percent in the December 2021 quarter, the previous largest annual movement since the 7.6 percent increase in the June 1990 quarter, which occurred shortly after the Reserve Bank of New Zealand Act 1989. The Act came into effect in February 1990 to target the high inflation from the previous decade and maintain stability in the general level of prices over the medium term.
The trimmed mean rose to 6.1%.
And, breaking the numbers up a little:
Tradeable inflation was 8.5 percent in the year to the March 2022 quarter, the biggest annual movement since the series began in June 2000.
Tradeable inflation measures goods and services that are influenced by foreign markets, such as petrol, vegetables, and second-hand cars, which were the biggest contributors to the movement.
Domestic, or non-tradable inflation, was 6.0 percent in the year to the March 2022 quarter, the highest since the series began in June 2000.
Higher prices for construction, rentals for housing, and local authority rates were partly offset by domestic air transport.
Non-tradable inflation measures goods and services that do not face foreign competition. It shows how domestic demand and supply conditions are affecting consumer prices.