Low unemployment but Taranaki takes a hit from rising living costs

The latest economic snapshot of Taranaki shows the province - which last year boasted the highest per capita GDP in the country (NZ$76,715) (FJ$106,650.73) - has not been left unscathed by the cost of living crisis.

Taranaki Trends Winter Edition data reveals since March 2021, the province has experienced the largest growth in median weekly rents in the country - up 18 per cent to NZ$530 (FJ$ 736.81) a week, in line with average mortgage costs.

Food prices have also spiked eight per cent compared with the same period last year.

Wages rose by three per cent in the March quarter, the highest level since the comparable period in 2009, however, that was well below the Consumer Price Index of 6.9 per cent.>NZ