Hon GRANT ROBERTSON (Minister of Finance): Statistics New Zealand reported last week that the Consumers Price Index for the June quarter was up 1.7 percent, taking the annual rate to 7.3 percent. This level of inflation is putting pressure on households in meeting their costs of living. The quarterly rate of 1.7 percent was lower than the March quarter and economists believe that June will represent the peak of the inflation cycle, albeit that inflation is expected to remain elevated above the levels we've seen in recent years, for some time. New Zealand is not the only country experiencing higher prices driven by global factors. Inflation is at 9.4 percent in the UK, 9.1 percent in the United States, 8.1 percent in Canada, and at an average of 9.6 percent across the OECD. We are well positioned to support New Zealanders dealing with the global cost of living pressures, thanks to our economic plan and responsible fiscal management that have delivered record low unemployment and debt levels that are among the lowest in the OECD.