The 25-cent Fuel Tax Excise has been extended another 6 months, to January 2023. The Fuel Tax Excise had been set by the Labour Government as fuel prices steadily increased months ago.

The cut in petrol excise duty, the equivalent reduction in road user charges and the half price public transport fares were due to end next month before this extension.

Petrol prices increased 32% in the year to the June 2022 quarter, the largest annual increase since 1985.

Finance Minister Grant Robertson extended the measures, saying "We are doing this because we want Kiwis to have some certainty for the rest of the year in the face of volatile fuel prices and ongoing cost of living pressure," he said.

Inflation rates have also been released, rising to 7.3% and is now at a 32-year high.

Producer Trishil Dahya spoke to Economics Professor Tim Hazeldean from the University of Auckland, on the matter, and his proposals to mediate inflation.