PM says the rapid rise in fuel prices have been too jarring. Record high petrol prices are likely to stoke household inflation, with economists warning annual cost of living increases could be headed above 2 per cent for only the second time since 2011. "Petrol prices increased 19 percent in the September 2018 year," Statistics New Zealand spokesman Paul Pascoe said. READ MORE:* High prices new normal: Here's how petrol could hit $3 a litre* Higher petrol prices are better for us in the long run* Fuel prices are forcing a change in habits* Petrol price pain shows how to tackle climate changeKEVIN STENT/STUFF Record petrol prices could see annual inflation climb to the highest level since 2011 next year. ASB warned however that higher fuel prices were likely to have a cooling impact on the economy overall.

Source: Stuff October 15, 2018 21:23 UTC