Statistics New Zealand data released today showed that Inflation was 5.9% annually, its highest rate since June 1990. Inflation is being driven by the price of building materials, rents, fuel, and the price of second-hand cars. The price of petrol rose 30% annually and the price of purchasing a new house rose 16% in the latest data. Council of Trade Unions Chief Economist Craig Renney says "Today's inflation data shows that increases in the minimum wage are both necessary and desirable".
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