The rising cost of living is down to more than global uncertainty, according to one expert.

Stats NZ data shows costs for the average household jumped 3.2 percent annually to June, a more than four-year-high.

Petrol was the biggest contributor - skyrocketing more than 27 percent.

Independent economist Cameron Bagrie says shocks like US tariffs and its war with Iran play a role, but core inflation is still higher than before Covid.

"But there's a little bit more of a sticky persistent inflation - it's the obvious drivers like rates, it's your insurance, it's your energy bills, which the Reserve Bank can't control."

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The rising cost of living is down to more than global uncertainty, according to one expert.
Stats NZ data shows costs for the average household jumped 3.2 percent annually to June, a more than four-year-high.
Petrol was the biggest contributor - skyrocketing more than 27 percent.
Independent economist Cameron Bagrie says shocks like US tariffs and its war with Iran play a role, but core inflation is still higher than before Covid.
"But there's a little bit more of a sticky persistent inflation - it's the obvious drivers like rates, it's your insurance, it's your energy bills, which the Reserve Bank can't control."
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Cameron Bagrie: independent economist on what's really behind the increased cost of living

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/02be9408-7af9-4f74-8ef8-b4950063a3a8/transcript