Data released by Stats NZ today shows yearly household living costs increased by 3% in the year to December 2024, after increasing 3.8% in the year to September 2024 and 7.4% in the year to September 2023.
Finance Minister Nicola Willis says today’s statistics release shows Kiwis are still battling with the cost of living, but the pressure is starting to ease.
“The Government said it would address the cost of living. We are making progress,” said Ms Willis.
“We worked fast to refocus the Reserve Bank solely on tackling inflation, and we made its job easier by reining in wasteful public spending and respecting taxpayers’ dollars.”
She said drops in the Official Cash Rate had flowed through to average interest rates, helping to ease pressure on household budgets.
“We also delivered New Zealanders their first tax relief package in 14 years, and we’re helping low and middle-income families through FamilyBoost.
“There is still more work to do. That’s why we’re focused on economic growth to deliver a stronger economy for New Zealanders. Economic growth will lift New Zealanders’ incomes, improve their living standards and support future investment in health, education and other vital public services,” said the Minister.
