Economic expert says homeowners are disproportionately feeling cost of living crisis pain
Dr Oliver Hartwich
28 July, 2023
An economic expert says homeowners are disproportionately feeling the pain of the cost of living crisis.
Latest figures from Stats NZ show the average household's cost of living increased 7.2%in the year to June.
The official inflation rate for the period was six percent, but interest payments went up 28%.
New Zealand Initiative Executive Director Oliver Hartwich told Mike Hosking there's been a difference in the cost rises on average between renters and homeowners.
He says the interest rates increase means if someone is renting they will be facing lesser rises in costs.