New Zealand's annual inflation rate soared to a three-decade high in 2021, driven by fuel price hikes and the country's red-hot property market, official data showed Thursday.
Prime Minister Jacinda Ardern said the sharp rise in the cost of living had been widely anticipated, blaming "oil prices and international tensions".
House prices skyrocketed more than 28 percent in 2021, creating a political headache for Ardern as many young families find themselves unable to pursue the dream of owning their own home.
The central bank is widely expected to hike rates again at its next meeting on February 23.
