Global Inflation Hits Home for Kiwi Economy

New Zealand's economy is facing another challenge as global inflation rises due to the US-Iran conflict.

The June quarter saw a slowdown in domestic growth, with the economy experiencing a 0.1% increase over the quarter, which translates to a 1.6% annual average growth rate.

The oil shock from the conflict pushed up crude oil prices, driving up Singapore refined fuel spot prices and retail fuel prices in New Zealand.

Businesses have been cautious due to uncertainty caused by the election and the global economic situation.