Not good!New Zealand inflation at its highest level in 30 years!Another minimum wage increase?

2022-07-25 0 By

New Zealand’s much-anticipated inflation index has been released, and it’s really amazing. It’s time to tighten your belt!The consumer price index is rising at its fastest pace since the 1990s, with inflation reaching 5.9% in 2021, the Herald reported.That’s the biggest increase since 1990.Further sharp rises in construction, petrol and rental costs pushed the national consumer Price Index (CPI) up 1.4 per cent in the final three months of 2021, statistics New Zealand data released today showed.The figures were broadly in line with expectations and took inflation to its highest level since 1990.ANZ, New Zealand’s largest bank, warned that the December quarter may not be the peak and could increase further in 2022.The inflation figure is important because it influences the speed at which the Reserve Bank of New Zealand (RBNZ) raises the official cash rate (OCR).The group representing business owners says retail prices are likely to rise by 10% this year because of persistent inflationary pressures.Retail New Zealand chief executive Greg Harford said retail costs had been under pressure for a long time and the industry was already seeing this in prices.”A recent survey of New Zealand retail members suggests that we will see average price increases of between 7% and 10% over the next quarter.””The retail market is under significant pressure and these cost increases will be passed on to customers.”Craig Renney, chief economist at the New Zealand Council of Trade Unions, says the most vulnerable will be hit hardest and wants the government to raise the minimum wage.As a result of Omicron’s red light Settings, many people in the live event industry, including musicians, actors, technicians and field workers, are facing months of unpaid work.Now that the government has stopped providing wage subsidies and corporate recovery funds, companies need to fend for themselves.Someone in the industry has started a petition asking the government to subsidize industries that cannot operate under red lights.So far, about 13,000 people have signed the petition.Most people in the live events industry are contractors, no work, no income.It’s not easy for new Zealanders.Original title: No!New Zealand inflation at its highest level in 30 years!Another minimum wage increase?)