Statistics New Zealand has today released the latest Consumer Price Index (CPI) figures, with inflation remaining at 2.2%. However, domestic inflation in particular is still stubbornly high at 4.5%.

Commenting on this, Taxpayers’ Union Policy and Public Affairs Manager, James Ross, said:

“Punishingly high interest rates have driven us into the worst economic downturn in over three decades. With domestic inflation still sitting high at 4.5%, the crisis is far from over.”

“Treasury opened the books last month, and they were on fire. With spending, debt, and deficits out of control, this Government isn’t going anywhere near far enough to tackle domestic inflation.”

“We need to see aggressive cuts to interest rates now, in the hope this can undo some of the lasting damage that will be the Reserve Bank Governor’s legacy. But that can’t happen unless Nicola Willis gets the Government’s runaway spending back in line.”

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The New Zealand Taxpayers’ Union is an independent and membership-driven activist group, dedicated to being the voice for Kiwi taxpayers in the corridors of power. Its mission, lower taxes, less waste, more accountability, is supported by 200,000 subscribed members and supporters.

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