Hi John --

Annual inflation has dropped from 3.3 per cent in June to 2.2 per cent in September.

This is very good news for Kiwis who have been struggling with the cost of living for far too long. Inflation was 5.6 per cent a year ago and over 7 per cent in 2022.

This fall puts inflation in the Reserve Bank’s target 1-3 per cent band for the first time since March 2021 but, more importantly, it means that cost of living pressures are coming down and families will be better off.

A year ago, New Zealanders put their trust in National to lead a new Government and get the country back on track.

National campaigned on rebuilding the economy and reducing cost of living pressures, and today’s inflation news shows we are doing what we promised to do and what New Zealanders elected us to do.

The hard work the Government is doing to reduce inflationary pressures by restoring discipline to public spending and reducing red tape are paying off.

This news comes on top of last week’s cut in the Official Cash Rate of 50 basis points, which followed the 25 basis point cut in August, all of which helps put more money in people’s pockets and increase the opportunities for businesses to invest and innovate.

The era of crushing price rises is now over. Kiwis can look forward to mortgage rate reductions, and businesses will find it easier to invest and innovate with lower borrowing costs.

We are making the tough but necessary choices to rebuild the economy – and our plan is working.

We know it is still tough for many Kiwis out there and there is so much more for us to do but today’s news on inflation is yet another sign that New Zealand is back on the right economic track – and that is good news for hardworking Kiwis all over New Zealand.

Thank you,
Christopher