In the first quarter, consumer prices rose 0.5% over the previous period, which contrasted the 0.3% drop observed in the final quarter of 2011, but was in line with market expectations. According to the statistical institute, higher prices for tobacco (+13.5% quarter-on-quarter), due to a 14.49% tax hike, were the main drivers behind the monthly rise. Annual headline inflation fell from 1.8% in the fourth quarter to 1.6% in the first, which marked a second consecutive drop and represents the lowest rate since the third quarter of 2010.
New Zealand Inflation
Inflation moderates in first quarter
April 19, 2012
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Note: Quarter-on-quarter and annual variation of consumer price index in %.
Source: Statistics New Zealand and FocusEconomics calculations.
New Zealand Economic News
October 19, 2016
In Q3, consumer prices edged down from the quarter-on-quarter seasonally-adjusted 0.4% increase observed in Q2 to 0.2%.
September 30, 2016
Economic sentiment among New Zealand businesses rebounded in September after declining for two consecutive months.
September 22, 2016
At its meeting held on 22 September, the Reserve Bank of New Zealand (RBNZ) decided to keep the Official Cash Rate (OCR) at 2.00%.
September 19, 2016
New Zealanders’ confidence rose in Q3 after having deteriorated in the previous two quarters.
September 15, 2016
GDP grew a seasonally-adjusted 0.9% over the previous quarter in Q2, which matched the result tallied in Q1.