N.Z. inflation among highest

Press, Volume CXVI, Issue 34131, 19 April 1976, Page 5

N.Z. inflation among highest

(N.Z. Press Assort ..Ziun) LONDON. New Zealand is in the bottom third in a survey measuring the success that 24 nations have had in fighting inflation in consumer prices during the past year. The survey is by the Organisation for Economic Co-operation and Development (0.E.C.D.) and covers the 12 months ended in February. Price inflation was 15.7 per cent in New Zealand. Only six of the 24 countries — including Britain — were worse off. The lowest rate was in Switzerland (3 per cent), Denmark (5.2 per cent) and Germany (5.5 per cent), and the two highest inflation rates were in Iceland (36.2 per cent) and Britain (22.9 per cent). Figures for the last two

•months suggest some reacceleration for the area as a whole after the late 1972 lull,” the O.E.C.D. said. “But there has been a sharp contrast between continued improvement in the United States, partly reflecting a drop in food and gasoline prices, and general experience in Europe, where prices of manufactured (goods and of food have - spurted upwards again.” i It said the first effects of ■recent exchange-rate changes, ’superimposed on rising com;modity prices, have been felt in a number of countries. The increase in consumer (prices for all 24 countries ■ averaged only 0.7 per cent in * February. Other countries with (higher inflation rates than i New Zealand’s 15.7 per cent were Ireland (16.1), Turkey (16.7). Finland (17.3), Portugal (21.8), United Kingdom •(22.9), and Iceland (36.2).