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What is 'inflation'? | Reserve Bank of New Zealand | YouTubeToText
YouTube Transcript: What is 'inflation'?
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Inflation is a general increase in the prices of goods and services across an economy, measured by the Consumer Price Index (CPI), and the Reserve Bank aims to keep it low and stable between 1-3% to maintain economic health.
kia ora my name is julia ratcliffe and
i'm a senior analyst at te putiamatua
here at the reserve bank one of our jobs
is to keep inflation picking utu low and
stable between one and three percent
over the medium term
today i'm going to break down what
inflation is when it occurs and why we
want to keep it low and stable
inflation is an increase in the general
level of prices across the economy
we track inflation by using the cpi or
consumer's price index
stats nz measure the cpi by sending
people out into shops to record the
prices of everyday things that kiwis buy
or as they say a basket of goods and services
services
in this basket are things like groceries
school fees and transport fares
if prices have gone up across most or
all of the things in the basket then
inflation has occurred
price rises happen when demand for a
good or service is greater than the
supply it's like a trademe auction where
lots of people wanting to buy one item
but up the price
widespread price increases impact
different groups and societies in
different ways
for example people on fixed incomes such
as an unemployment benefit face more
stress from rising prices than people
that can negotiate their wages with an employer
employer
inflation means that your money can
purchase less stuff that's why we try to
keep it low between one and three
percent keeping inflation in this range
is also important to keep it stable and predictable
predictable
households and businesses sometimes need
to make financial decisions for the
future which can be hard if prices are
moving unexpectedly
low and stable inflation helps keep the
economy moving forward but if inflation
is too low that creates its own problems
for example if you wanted to buy a
fridge but you thought that the price
was going to fall what we call deflation
you would probably wait until the price
is lower before you buy
if everybody expects prices to fall and
delays their spending businesses can't survive
survive
so a little bit of inflation keeps
demand healthy and the economy ticking over
over [Music]
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