The cost of living for the average New Zealand household has increased 5.4% in the last 12 months to the June 2024 quarter, Stats NZ has revealed.
The increase, measured by household living-costs price indexes (HLPIs), follows a 6.2% increase in the 12 months to the March 2024 quarter. It comes as inflation, measured by the consumers price index (CPI), was 3.3% in the 12 months to the June 2024 quarter.
The HLPIs are measured each quarter, with studies looking at how inflation affects 13 different household groups, plus an all-households group, also referred to as the average household.
Interest payments increased 26.7% in the 12 months to the June 2024 quarter, with Stats NZ consumer prices manager James Mitchell saying high mortgage interest payments “continue to make a significant contribution to living costs for many households”.
Stats NZ said other contributors to increased living costs were private transport supplies (such as petrol), insurance and rent.
For the majority of households, private transport supplies increased by 13%.
For non-home owners, rent increased by roughly 5%.
The cost of living for the highest spending households
The cost of living for the highest-spending households increased 5.6%.
This followed a 6.6% increase in the 12 months to the March 2024 quarter. The largest contributors to the increase were:
- Interest payments increased 27.0%.
- Private transport supplies and services increased 12.9%.
- Insurance increased 16.5%.
The cost of living for the lowest spending households
Meanwhile, the cost of living for the lowest spending household increased 5%, following a 5.7% increase in the 12 months to the March 2024 quarter. The largest contributors were:
- Rent increased 5.3%.
- Insurance increased 19.8%.
- Private transport supplies and services increased 13.%.
Māori households’ cost of living
The cost of living for Māori households increased 5.5% in the 12 months to the June 2024 quarter.
This followed a 6.3% increase in the 12 months to the March 2024 quarter.
The largest contributors to the increase of cost of living in Māori households were insurance (an increase of 26.4%), private transport supplies and services (a increase of 13.4%) and rent (a 5.2% increase).
The cost of living for the average household
The cost-of-living for the average household increased 5.4% in the 12 months to the June 2024 quarter.
This followed a 6.2% increase in the 12 months to the March 2024 quarter. The largest contributors were:
- Interest payments increased 26.7%.
- Private transport supplies and services increased 13.0%.
- Insurance increased 18%.