Story: Reserve Bank

Consumer price inflation

Consumer price inflation

In the mid-1970s the New Zealand economy entered a phase of instablility. Two oil crises, balance-of-payment difficulties, erratic economic growth, the end of full employment and rising inflation created a challenging climate in which policy-makers had to work. This graph shows changes in inflation over time. The period of greatest inflation occurred in the late 1970s and early 1980s, leading Prime Minister Robert Muldoon to attempt to control it through price and wage freezes. The Reserve Bank unsuccessfully warned Muldoon against implementing these policies.

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How to cite this page:

John Singleton, 'Reserve Bank - Reserve Bank, 1936 to 1984', Te Ara - the Encyclopedia of New Zealand, http://www.TeAra.govt.nz/en/graph/33454/consumer-price-inflation (accessed 6 December 2019)

Story by John Singleton, published 20 Jun 2012