The worst flooding in New Zealand's biggest city Auckland is heaping more inflationary pressure and is posing a fresh cost-of-living headache for prime minister Chris Hipkins, who is trying to win back support for his party ahead of elections this year
Food prices were up at more than a three-decade high of 11.3% in December year-on-year, and the flooding in Auckland and much of the upper North Island will add to the overall costs for a range of consumer items from cars to couches and onions, analysts say.Labour's handling of inflation and has pledged to reduce spending.
Polls taken in the days after he was appointed saw the Labour Party enjoy a strong bump in popularity and put them ahead of National for the first time in nearly a year. Infometrics, a New Zealand economics consultancy, is estimating the damage at roughly NZ$470 million, noting that the repair and replacement process will strain supply chains and add to price pressures.
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