Nick Tuffley: ASB Chief Economist on the expectation household expenses will increase by $55 a week

Things are getting tougher for Kiwis.  According to ASB’s estimates, households will see an average of $55 a week added to their living costs this year, thanks to global effects of the conflict in the Middle East.   This compounds the struggle for many, with Stats NZ reporting in 2025 that just over half of renters and nearly 40% of mortgage holders didn’t think their income matched their everyday needs.  ASB’s Chief Economist Nick Tuffley told Kerre Woodham the increase isn’t that much different than previous years, it’s just concentrated in one specific area this year – fuel.   He says that means some people will be able to dodge some of the extra spending by changing their behaviour, whereas in the past it was spread out across multiple areas and much more unavoidable.   LISTEN ABOVE See omnystudio.com/listener for privacy information.