New Zealand Inflation Q2 2021

New Zealand

New Zealand: Inflation jumps to over 10-year high in Q3

October 25, 2021

Consumer prices soared 2.2% from the previous quarter in Q3, coming in above Q2’s 1.3% jump. Moreover, the reading surprised market expectations and marked the fastest quarter-on-quarter increase since Q4 2010. In terms of specific categories, higher prices for housing and household utilities, food and transport drove the quarter-on-quarter surge in prices.

Meanwhile, inflation jumped to 4.9% in Q3 from 3.3% in Q2, logging the fastest print since Q3 2010 and moving further above the Central Bank’s 1.0%-3.0% target band.

Our panelists see inflation averaging 2.1% in 2022, unchanged from last month’s forecast, and 2.0% in 2023.


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