Story: Prices and inflation

The price of food, 1972 and 1975

The price of food, 1972 and 1975

During the 1970s there was a series of rises in the oil price as oil-producing countries decided to limit output. This led in the short term to an increase in petrol prices, but it also flowed through into higher freight costs, higher costs for goods, higher wage rates, and so, eventually, into general price inflation. This display shows how much the prices of household items rose between 1972 and 1975. Much of this increase was a reflection of a general increase in prices – inflation – but where the rises were especially great, such as in the price of sugar, this is a relative increase in prices for that good.

Using this item

Alexander Turnbull Library, Dominion Post Collection (PAColl-7327)
Reference: EP/1975/3245/13a

Permission of the Alexander Turnbull Library, National Library of New Zealand, Te Puna Mātauranga o Aotearoa, must be obtained before any re-use of this image.

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How to cite this page:

Adolf Stroombergen, 'Prices and inflation - Prices and the consumer price index', Te Ara - the Encyclopedia of New Zealand, (accessed 17 October 2021)

Story by Adolf Stroombergen, published 11 Mar 2010