Statistics New Zealand just published the inflation rate for the year to 31 March, 2022.
Their Consumer Price Index (CPI) figure is 6.9% which is a little lower than many pundits had been predicting.
We don't believe this figure accurately represents the true cost of living increases in New Zealand.
In particular the increases in the costs of housing (which are a very large component of living costs) are much higher than 6.9% and are not represented fairly in the CPI.
We believe the true annual cost of living increase for the year is somewhere in the middle 10s.
The Reserve Bank of New Zealand (RBNZ) has blown up a massive housing bubble and either house owners or long-suffering savers are going to be hurt depending on what course the RBNZ takes from here.
New Zealand money is not a store of value (not that it ever was of course!).