According to data released by Statistics New Zealand on September 11, oil prices have been rising since April 2018, and the cost of retail consumption in New Zealand has been pushed for the fourth consecutive month.
Data show that as of the end of August, New Zealand retail consumption rose by 1%, oil consumption increased by 4.1%.
Su Chapman, head of retail statistics at Statistics New Zealand, said that the rise in consumer pressure was mainly due to rising oil prices, which pushed up the overall price of consumer goods and durable goods in New Zealand.
In May 2018, oil prices throughout New Zealand remained at less than 2 New Zealand dollars per liter (1 New Zealand dollar is about $0.65). By the end of August, oil prices had risen to more than NZ$2.3 per liter and rose by more than 15% in three months.
Economic experts and investors generally believe that although oil prices continue to rise despite external factors, the New Zealand government should also adopt a more active policy response to prevent inflation risks.
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