Households may need to tighten their belts further to adjust to the cost of living.

ASB's latest economic research confirms debt servicing, food prices, and transport costs will raise weekly household outgoings by an extra $150.

NZ Herald Wellington business editor Jenee Tibshraeny says mortgage increases are the primary factor in these predicted rising living costs.

Jenee Tibshraeny says the average mortgage rate has risen by 45 percent over 2022, but they're coming off a historic low period.

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