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Inflation Rate Drops to 5.6% as Economy Cools Down

Inflation Rate Drops to 5.6% as Economy Cools Down

The recent announcement by Stats NZ indicates a decline in the annual Consumer Price Index (CPI), settling at 5.6% for the September quarter. While t

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The recent announcement by Stats NZ indicates a decline in the annual Consumer Price Index (CPI), settling at 5.6% for the September quarter. While this shows a decrease from the previous quarter, the recent quarterly inflation rate saw a rise of 1.8%, attributed to a significant 16.5% increase in petrol prices. The rise was primarily driven by increased costs in transportation by 7.1% and housing and household utilities by 1.7%. However, the increase in food prices slowed down to 0.9% compared to the previous quarter’s 2.2% rise. Despite concerns, experts suggest that the numbers indicate progress in the ongoing battle against inflation. The development has led to positive reactions from some political leaders, indicating a potentially improved economic position for the incoming government, while others have critiqued the handling of the economy, attributing the current situation to past policy decisions.

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