New Zealand’s Inflation Rate Now Below That of Australia, US, and OECD

New Zealand’s Finance Minister says the country has ’turned the corner on interest rates’ as inflation reaches 2.2 percent, but the economy still has issues.

A woman walks with her shopping in Auckland, New Zealand, on June 19, 2020. Greg Bowker/AFP via Getty Images

Inflation in New Zealand has dropped to its lowest level in over three years, with the annual figure now at 2.2 percent, according to figures released today.

The government was quick to celebrate, with ACT Party Leader David Seymour saying, “We’ve turned the corner on interest rates, and now we’re returning to normalcy on inflation.”