True inflation 16% says Mr Muldoon
(Xcic Zealand Press Association)
INVERCARGILL, April 22.
The true annual rate of inflation of consumer prices in New Zealand was about 16 per cent, the Acting Leader of the Opposition (Mr Muldoon) said tonight.
In a speech prepared t -for delivery to the J Invercargill and Awarua A electorates of the i National Party, Mr > Muldoon said the re- ‘ cent announcement of a 2.5 per cent increase in the cost of living index indicated an annual rate of 10 per cent. , But this figure included virtually no impact from in- - creased oil prices, which had been estimated to add three 1 per cent a year to consumer s prices. The figure also excluded J more than sloom a year ; being paid by the taxpayer ( I in consumer subsidies to * ‘keep prices down. This also ' amounted to an increase of J 13 per cent. ■ “If we take the 10 per I cent from the official statist- t
tics, add another three per cent for oil and another a three per cent for subsidies, if we see that the true rate of f increase in consumer prices ,c in New Zealand at present is 5 about 16 per cent,” he said, t
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Bibliographic details
Press, Volume CXIV, Issue 33516, 23 April 1974, Page 3
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206True inflation 16% says Mr Muldoon Press, Volume CXIV, Issue 33516, 23 April 1974, Page 3
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