17 July 2024

Retailers are relieved to see that inflation is slowing, Retail NZ Chief Executive Carolyn Young says.

Stats NZ’s latest Consumers Price Index increased 3.3% in the 12 months to the June 2024 quarter, down on the 4.0% increase in the 12 months to the March 2024 quarter.

“This is definitely heading in the right direction, albeit with housing and household utilities remaining at higher levels,” Ms Young says. 

“We are getting nearer to the Reserve Bank’s target range for consumer inflation of 1-3%, bringing the prospect of interest rate cuts closer. We hope this will translate into a turnaround in consumer confidence and a greater willingness to support local retail businesses.”

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