New Zealand posted its biggest jump in population in more than 30 years as net immigration surged to a record, raising the risk the associated higher demand could reignite inflation pressures.

The estimated population increased by 138,100 or 2.7% in the 12 months through September, Statistics New Zealand said Thursday in Wellington. That’s the fastest pace since comparable data began being collated in 1992. The population rose to 5,269,200.