Consumer Price Index (CPI) for March 2023

The consumers price index increased 6.7 percent in the 12 months to March 2023, according to figures released by Stats NZ on the 20th of April 2023.

The consumers price index rose 1.2 percent in the March 2023 quarter, influenced by rising prices in the food, alcoholic beverages and tobacco, and housing and household utilities groups.

The 6.7 percent increase follows a 7.2 percent increase in the 12 months to December 2022.

“Inflation is still at levels not seen since the 1990s, despite the decline,” consumer prices senior manager Nicola Growden said.

Food was the largest contributor to the March 2023 annual inflation rate. This was due to rising prices for vegetables, ready-to-eat food, and milk, cheese, and eggs.

Vegetable prices increased 22 percent in the 12 months to March 2023, while ready-to-eat food and milk, cheese and eggs increased 9.7 percent and 15 percent, respectively.

After food, the next largest contributor to the annual increase was housing and household utilities.

The increase was due to rising prices for both construction and rents.

Prices for building a new house increased 11 percent in the 12 months to March 2023, following a 14 percent increase in the 12 months to December 2022.

“Respondents reported that higher costs of materials and labour continued to drive the increase of building a new home,” Growden said.

Rents increased 4.3 percent in the 12 months to March 2023. This follows an increase of 4.4 percent in the 12 months to December 2022.

*Figures from stats.govt.nz