New Zealand inflation hits 7.3%, the highest rate since 1990

Pain for households as consumers price index for June quarter exceeds forecasts and more interest rate rises loom

Inflation in New Zealand has hit a steeper-than-forecast 7.3%, its highest level in three decades, with households facing hefty jumps in food, petrol and housing costs.

Stats NZ has released its quarterly consumers price index for the three months leading up to June. Inflation rose from 6.9% in March to 7.3%, with food up 1.3% and 2.3% rises in transport as well as housing and household utilities.