Household spending seems to be rising faster than inflation. 

Data from Stats NZ showed that it rose an average of 6.2% in the year to March, reflecting the average person’s overall costs across the board. 

Infometrics Principal Economist Brad Olsen told Mike Hosking that part of the big difference between inflation sitting at 4% and this figure is that inflation doesn’t include interest rates. 

He said that interest rates have gone up about 28% over the last year, which households are seeing a lot more. 

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