New Zealand Inflation

New Zealand

Inflation moderates in first quarter

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.

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

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