In the second quarter, consumer prices jumped 1.0% over the previous quarter, which was above the 0.8% increase tallied in the first quarter and defied market expectations, which had consumer prices rising 0.8%. According to the National Statistics Office, the main drivers behind the quarterly rise were higher prices for petrol (+4.0% quarter-on-quarter) and food (+1.1% qoq) as well as prices for electricity (+2.7% qoq). As a result of the quarterly jump observed in the second quarter, annual headline inflation climbed from 4.5% in the first quarter to 5.3% in the second, driving inflation to its highest level in two decades and well above the Central Bank's inflation target of 2.0% 1.0%. Going forward, reconstruction spending is expected to add pressure on consumer prices in the months ahead. Therefore, the Central Bank expects that inflation will overshoot its target and average 4.5% in the fiscal year 2011 (ending in March 2012) but to fall back to 2.0% in fiscal 2012.
New Zealand Inflation
Inflation rises to highest level in two decades
July 28, 2011
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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.