New Zealand household saving holds up despite higher cost of living

Wellington, April 6 New Zealand household saving was NZ$2.1 billion ($1.32 billion) in the December 2022 quarter, the same level as in the September quarter, but well above the pre-Covid levels, according to figures released by the statistics department on Thursday.

Stats NZ said household net disposable income increased by 1.8 per cent to NZ$57.4 billion in the December 2022 quarter, while household spending increased by 1.7 per cent, Xinhua news agency reported.

The increase in household spending largely reflected price increases, as there was little change in the volume of goods and services consumed by households during the December 2022 quarter, it said.

"The total disposable income of New Zealand households increased at a slightly higher pace than the rise in living costs," Stats NZ national accounts institutional sectors senior manager Paul Pascoe said.

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