Prices rise at fastest pace in over five years, latest inflation figures reveal

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Average prices for goods and services are rising at their fastest pace in over five years, figures out today show.

Statistics New Zealand says the Consumers Price Index rose at 2.2 per cent in the year to March 2017.

If you're in an area where you pay more than in the City of Sails, you may get annoyed by this.

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The last time prices rose at that rate was in the September 2011 quarter, with much of that due to the impact of a rise in GST.

Statistics New Zealand says the big drivers were a 12 per cent increase in petrol prices and the annual rise in cigarette and tobacco taxes.

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The government agency says housing related costs also continued to increase up 3.3 percent in the March 2017 year, with prices for newly built houses, excluding land up, 6.7 per cent nationally and 8 per cent in Auckland. 

Rents were up 2.3 per cent. 

"Higher prices for cigarettes and tobacco, petrol, and fruit were partly offset by lower prices for international air transport, and package holidays," Statistics New Zealand's Jason Attewell said in a statement.

On the plus side for consumers, prices for broadband and cell phone plans fell.


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