New Zealand households have experienced a significant increase in their cost of living over the past four years, led by higher interest rates, transport, food, and housing costs.

Statistics NZ estimate that New Zealand living costs have increased 23% since the end of 2019, almost three times the change consistent with the Reserve Bank of New Zealand’s 2% annual inflation target.

Hamish Pepper from Harbour Asset Management explains to Tim Beveridge where consumers are tightening their belt the most.

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