뉴질랜드, 지난해 가계 생활비 3.8% 증가…이자와 보험료 부담 확대
New Zealand Household Living Costs Rise 3.8% in the Past Year as Interest and Insurance Costs Climb
Household Expenses Up 3.8% Through September 2024
According to the latest data released by Stats NZ, the average living costs for New Zealand households increased by 3.8% over the past year, up to September 2024. The rise in living costs was primarily driven by higher spending on mortgage interest and insurance premiums, as well as other financial-related expenses.
Household Living Cost Index Up by 3.8%
The Household Living Cost Price Index (HLPI) showed a 3.8% increase for the year up to September 2024, following a 5.4% rise in the previous 12-month period ending June 2024. While this marks a deceleration from the peak rise of 8.2% recorded in December 2022, the increase still poses a significant financial strain on households.
Mortgage and Insurance Costs Soar
Nicola Growden, the consumer price manager at Stats NZ, explained that “mortgage interest payments remain at elevated levels, continuing to significantly impact many households’ living costs.” For the average household, mortgage interest payments surged by 18.2%, insurance premiums rose by 16.4%, and rent increased by 4.8%. These higher costs have exacerbated the financial burden on households, especially those with high fixed living expenses.
Households with High Expenditures See More Severe Impact
Households with the highest spending saw their living costs increase by 3.7%. These households faced significant rises in their outgoings, with mortgage interest payments rising by 18.3%, insurance premiums increasing by 15.2%, and real estate-related services climbing by 11.6%. These factors have led to a more pronounced financial strain for high-spending households.
Lower-Spending Households Also Face Cost Increases
On the other hand, households with the lowest expenditure saw a more moderate rise of 4.3% in their living costs, following a 5% increase in the previous 12 months. These households experienced significant hikes in housing-related costs, with real estate prices and related services rising by 12.2%, while rent and insurance premiums went up by 4.9% and 17.9%, respectively.
Maori Households Experience 3.9% Increase
For Maori households, the rise in living costs was 3.9%, following a 5.5% increase for the year up to June 2024. The key contributors to this increase were mortgage interest payments, which rose by 18.1%, and rent, which increased by 4.7%. Additionally, the price of tobacco rose by 10.3%, adding further pressure to their household budgets.
Benefit Households See 3.8% Rise in Living Costs
Households receiving government benefits also saw their living costs rise by 3.8%, continuing the trend of 4.5% growth in the previous 12 months. Key drivers for this increase included a 4.8% rise in rent, a 10% increase in tobacco prices, and a 17.4% jump in mortgage interest payments, all contributing to the higher overall living expenses.
Overall Inflation Remains Steady at 2.2%
Meanwhile, the Consumer Price Index (CPI) for the year up to September 2024 showed an inflation rate of 2.2%, indicating that overall prices remain relatively stable. However, the actual rate of increase in household spending continues to outpace this figure, suggesting that households are still facing considerable financial pressure.
The rise in household living costs across New Zealand is largely driven by increases in financial-related expenditures, particularly fixed costs such as mortgage interest, insurance premiums, and housing costs. With inflation remaining subdued, there are growing calls for government intervention to alleviate the financial burdens on households and ensure that the costs of living do not continue to outpace income growth.
뉴질랜드, 지난해 가계 생활비 3.8% 증가…이자와 보험료 부담 확대