New Zealand Inflation

New Zealand

Inflation inches up in Q2

Consumer prices rose 0.3% over the previous quarter in Q2, which matched the result tallied in the first quarter. The reading came in slightly below market expectations of a 0.4% price increase. According to the statistical institute, higher prices for housing and vegetables were partly offset by lower prices for package holidays, cars and fruits.

Annual headline inflation inched up from 1.5% in Q1 to 1.6% in Q2. Consequently, inflation still remains within the Reserve Bank of New Zealand’s 1.0%–3.0% target range.

According to its June Monetary Policy Statement, the Bank expects inflation to average 1.5% in 2014. In 2015, the Bank sees inflation averaging 1.8%. FocusEconomics Consensus Forecast panelists expect inflation to average 2.0% in 2014, which is unchanged from last month’s forecast. For 2015, the panel anticipates that inflation will rise to 2.3%.

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New Zealand Inflation Chart

New Zealand Inflation Q2 2014

Note: Quarter-on-quarter and annual variation of consumer price index in %.
Source: Statistics New Zealand and FocusEconomics calculations.

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