A 12% jump in petrol prices is one of the key reasons behind a 2.2% increase in the consumers price index (CPI) for the year to March, new Stats NZ figures show.
It is the highest annual increase since the September 2011 quarter, which was affected by the rise in GST from 12.5 to 15 percent.
“Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation,” prices senior manager Jason Attewell says.
Increasing transport prices also played a part, up 3.5%, while the rises were partially offset by falls in other private transport services (vehicle relicensing fees).
Excluding petrol, and cigarettes and tobacco, the CPI showed a 1.5 percent increase.
Meanwhile, the CPI rose 1% in the March 2017 quarter, with petrol up 4.1%.
