Hon Nicola Willis
Minister of Finance

Average household living cost inflation has continued a downward trend, showing the steps the Government has taken are having an impact, Finance Minister Nicola Willis says.

Data released by Stats NZ today shows the yearly household living costs increased by 3 per cent in the year to December 2024, after increasing 3.8 per cent in the year to September 2024 and 7.4 per cent in the year to September 2023.

“Today’s statistics release shows Kiwis are still battling with the cost of living, but the pressure is starting to ease,” Nicola Willis says.

“The Government said it would address the cost of living. We are making progress.

“We worked fast to refocus the Reserve Bank solely on tackling inflation, and we made its job easier by reining in wasteful public spending and respecting taxpayers’ dollars.

“Drops in the Official Cash Rate have flowed through to average interest rates, easing pressure on household budgets.

“We also delivered New Zealanders their first tax relief package in 14 years, and we’re helping low and middle-income families through FamilyBoost.

“There is still more work to do.

“That’s why we’re focused on economic growth to deliver a stronger economy for New Zealanders. Economic growth will lift New Zealanders’ incomes, improve their living standards and support future investment in health, education and other vital public services.”

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