Cameron Bagrie: independent economist on what's really behind the increased cost of living

The rising cost of living is down to more than global uncertainty, according to one expert. Stats NZ data shows costs for the average household jumped 3.2 percent annually to June, a more than four-year-high. Petrol was the biggest contributor - skyrocketing more than 27 percent. Independent economist Cameron Bagrie says shocks like US tariffs and its war with Iran play a role, but core inflation is still higher than before Covid. "But there's a little bit more of a sticky persistent inflation - it's the obvious drivers like rates, it's your insurance, it's your energy bills, which the Reserve Bank can't control." LISTEN ABOVESee omnystudio.com/listener for privacy information.