Annual inflation remains at 7.2 percent

The consumers price index increased 7.2 percent in the 12 months to December 2022, Stats NZ said today.

The 7.2 percent increase follows another 7.2 percent annual increase in the September 2022 quarter, and a 7.3 percent increase in the June 2022 quarter.

QuarterAnnual percent change
Jun-907.6
Sep-905
Dec-904.9
Mar-914.5
Jun-912.8
Sep-912.2
Dec-911
Mar-920.8
Jun-921
Sep-921
Dec-921.3
Mar-931
Jun-931.3
Sep-931.5
Dec-931.4
Mar-941.3
Jun-941.1
Sep-941.8
Dec-942.8
Mar-954
Jun-954.6
Sep-953.5
Dec-952.9
Mar-962.2
Jun-962
Sep-962.4
Dec-962.6
Mar-971.8
Jun-971.1
Sep-971
Dec-970.8
Mar-981.3
Jun-981.7
Sep-981.7
Dec-980.4
Mar-99-0.1
Jun-99-0.4
Sep-99-0.5
Dec-990.5
Mar-001.5
Jun-002
Sep-003
Dec-004
Mar-013.1
Jun-013.2
Sep-012.4
Dec-011.8
Mar-022.6
Jun-022.8
Sep-022.6
Dec-022.7
Mar-032.5
Jun-031.5
Sep-031.5
Dec-031.6
Mar-041.5
Jun-042.4
Sep-042.5
Dec-042.7
Mar-052.8
Jun-052.8
Sep-053.4
Dec-053.2
Mar-063.3
Jun-064
Sep-063.5
Dec-062.6
Mar-072.5
Jun-072
Sep-071.8
Dec-073.2
Mar-083.4
Jun-084
Sep-085.1
Dec-083.4
Mar-093
Jun-091.9
Sep-091.7
Dec-092
Mar-102
Jun-101.7
Sep-101.5
Dec-104
Mar-114.5
Jun-115.3
Sep-114.6
Dec-111.8
Mar-121.6
Jun-121
Sep-120.8
Dec-120.9
Mar-130.9
Jun-130.7
Sep-131.4
Dec-131.6
Mar-141.5
Jun-141.6
Sep-141
Dec-140.8
Mar-150.3
Jun-150.4
Sep-150.4
Dec-150.1
Mar-160.4
Jun-160.4
Sep-160.4
Dec-161.3
Mar-172.2
Jun-171.7
Sep-171.9
Dec-171.6
Mar-181.1
Jun-181.5
Sep-181.9
Dec-181.9
Mar-191.5
Jun-191.7
Sep-191.5
Dec-191.9
Mar-202.5
Jun-201.5
Sep-201.4
Dec-201.4
Mar-211.5
Jun-213.3
Sep-214.9
Dec-215.9
Mar-226.9
Jun-227.3
Sep-227.2
Dec-227.2

Housing and household utilities was the largest contributor to the December 2022 annual inflation rate. This was due to rising prices for both constructing and renting housing.

Prices for building a new house increased 14 percent in the 12 months to December 2022, following a 17 percent increase in the 12 months to September.

“Respondents reported more expensive materials and higher labour costs are driving the increase of building a new home,” consumer prices senior manager Nicola Growden said.

QuarterQuarterly percentage change
Dec-021.8
Mar-031.4
Jun-031.8
Sep-031.8
Dec-033.3
Mar-041.6
Jun-041.9
Sep-041.9
Dec-041.7
Mar-051.5
Jun-052.2
Sep-051
Dec-051.6
Mar-061
Jun-061.4
Sep-062.1
Dec-061
Mar-071.3
Jun-071.6
Sep-071.8
Dec-071.3
Mar-080.9
Jun-081.1
Sep-081.3
Dec-08-0.2
Mar-090
Jun-090.2
Sep-090.1
Dec-090.4
Mar-100.2
Jun-100.4
Sep-100.5
Dec-102
Mar-11-0.1
Jun-110.9
Sep-110.8
Dec-110.4
Mar-120.7
Jun-120.9
Sep-121
Dec-120.5
Mar-130.9
Jun-131.7
Sep-130.9
Dec-131.1
Mar-141.2
Jun-141.2
Sep-141.1
Dec-141.7
Mar-150.8
Jun-151.5
Sep-151.4
Dec-151.2
Mar-160.8
Jun-162.1
Sep-162
Dec-161.4
Mar-171
Jun-171.8
Sep-171.1
Dec-171.3
Mar-180.4
Jun-181.1
Sep-181.3
Dec-180.9
Mar-190.7
Jun-190.7
Sep-190.6
Dec-190.5
Mar-201
Jun-200.7
Sep-200.3
Dec-201.3
Mar-211.2
Jun-214.6
Sep-214.5
Dec-214.6
Mar-223.5
Jun-224.5
Sep-223.3
Dec-222.1
QuarterAnnual percentage change
Dec-024.4
Mar-034.5
Jun-035.8
Sep-036.9
Dec-038.5
Mar-048.7
Jun-048.8
Sep-049
Dec-047.3
Mar-057.2
Jun-057.6
Sep-056.6
Dec-056.4
Mar-065.9
Jun-065
Sep-066.2
Dec-065.6
Mar-075.8
Jun-076.1
Sep-075.8
Dec-076.1
Mar-085.7
Jun-085.2
Sep-084.6
Dec-083.1
Mar-092.2
Jun-091.3
Sep-090.1
Dec-090.7
Mar-100.9
Jun-101.2
Sep-101.6
Dec-103.2
Mar-112.9
Jun-113.4
Sep-113.7
Dec-112
Mar-122.8
Jun-122.8
Sep-123
Dec-123.1
Mar-133.3
Jun-134.1
Sep-134.1
Dec-134.7
Mar-145.1
Jun-144.6
Sep-144.8
Dec-145.4
Mar-155
Jun-155.3
Sep-155.5
Dec-155
Mar-165
Jun-165.6
Sep-166.3
Dec-166.5
Mar-176.7
Jun-176.4
Sep-175.4
Dec-175.3
Mar-184.7
Jun-183.9
Sep-184.1
Dec-183.6
Mar-193.9
Jun-193.5
Sep-192.8
Dec-192.4
Mar-202.7
Jun-202.8
Sep-202.5
Dec-203.3
Mar-213.5
Jun-217.4
Sep-2112
Dec-2115.7
Mar-2218.3
Jun-2218.3
Sep-2216.8
Dec-2214.1

Rental prices for housing increased 4.4 percent in the 12 months to December 2022. This follows an annual increase of 4.6 percent in the September 2022 quarter.

After housing and household utilities, the next largest contributor to the annual increase was from the food group.

“Higher prices for ready-to-eat food, vegetables, and meat and poultry drove the overall increase in food prices,” Growden said.

Transport was the next largest contributor, driven by rising prices for both international and domestic air fares.

Quarterly inflation at 1.4 percent

The consumers price index rose 1.4 percent in the December 2022 quarter, influenced by rising prices in the housing and household utilities, food, and recreation and culture groups.

Transport prices rose 0.9 percent in the December 2022 quarter. International airfares rose 19 percent, which was partly offset by petrol prices falling 7.2 percent.

Non-tradeable and tradeable inflation

Non-tradeable inflation was 6.6 percent in the 12 months to December 2022 driven by higher prices for the construction of a new house.

Tradeable inflation was 8.2 percent, driven by higher prices for international airfares.

Non-tradeable inflation measures goods and services that do not face foreign competition, and is an indicator of domestic demand and supply conditions. However, the inputs of these goods and services can be influenced by foreign competition.

Tradeable inflation measures goods and services that are influenced by foreign markets

Country

Inflation rate for 12 months to December 2022

New Zealand

7.2 percent

Australia

7.3 percent *

United Kingdom

10.5 percent

United States of America

6.5 percent

OECD average

10.3 percent **

Canada

6.3 percent

Japan

3.8 percent

European area

10.1 percent **

European Union

11.1 percent **

* Australia’s inflation rate for the 12 months to November 2022 taken from the monthly indicator release.

** inflation rate for the 12 months to November 2022.

/Stats NZ Public Release. This material from the originating organization/author(s) may be of a point-in-time nature, edited for clarity, style and length. The views and opinions expressed are those of the author(s).View in full here.