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New Zealand’s Economy Cools as Inflation Rate Falls, but Challenges Remain

New Zealand’s Economy Cools as Inflation Rate Falls, but Challenges Remain

The New Zealand economy is getting slower, and the cost of living is not rising as fast as before. The inflation rate has gone down for the third tim

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The New Zealand economy is getting slower, and the cost of living is not rising as fast as before. The inflation rate has gone down for the third time in a row from its highest point last year. June 2023 quarter had an annual change of 6.0%, which is the third consecutive drop from the record peak in the June 2022 quarter.

The cost of living has become challenging for many New Zealanders. For instance, rent prices have significantly increased, with some individuals reporting a $50-per-week rise, making it difficult for them to manage their expenses.

The government is trying to handle the situation, but it will take time to fix. Businesses are also feeling the pressure, and some are even closing down. The Finance Minister says the situation is getting better, However, the opposition, represented by National’s finance spokesperson Nicola Willis, pointed out that compared to other countries like Canada and the United States, New Zealand is still facing a persistent cost of living crisis.

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