The Consumer Price Index recorded a 7.2 percent increase in the 12 months to December 2022. Housing and household utilities, food and transport were the main sectors that contributed to inflation levels.
“Respondents reported more expensive materials and higher labour costs are driving the increase of building a new home. Higher prices for ready-to-eat food, vegetables, and meat and poultry drive the overall increase in food prices,” said Nicola Growden, Consumer Senior Prices Manager.
The 7.2 percent inflation increase followed the 7.2 percent increase in the September 2022 quarter and the 7.3 percent increase in the June 2022 quarter.
