Pensioners Hit Hardest by NZ Inflation

Pensioner households in New Zealand have been hit hardest by inflation, according to data from Stats NZ. Superannuitant households had an annual inflation rate of 4.5%, compared to 3.7% for beneficiaries and 3.2% for all households.

The main drivers of this increase were electricity, which rose by 12%, and rates, up 8.8%. Petrol was also a significant factor.

Karen Billings-Jensen, chief executive at Age Concern, said that fixed-income pensioners struggle to absorb these increases. 'It's that challenge of a fixed income,' she explained. 'As cost goes up, it just makes things much tougher.'

Billings-Jensen noted that 40% of retired households rely solely on NZ Super for their income. This means they have limited ability to adjust their spending or find alternative sources of income.