Last month, Canstar research found the cost of paying for groceries had surpassed the cost of housing as the biggest financial worry for Kiwis. That’s unlikely to change, with Stats NZ data released yesterday showing grocery prices jumped again in March and shot up by 14 per cent in a year.
There’s no comfort on the home front. Rents are at record highs and mortgage rates have risen steadily since late 2021 when the Reserve Bank embarked on a tightening cycle to try to rein in surging inflation.
You’d think the combination of soaring prices and slowing wage growth would have Kiwis sitting at home on a Saturday night eating budget mince. You’d think wrong. The latest card data shows spending was up in March from the previous month, driven by big hikes in hospitality and travel.
As Liam Dann noted in his April 16 column, Kiwis seem intent on partying their way into a recession.
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