Inflation surged in the final quarter last year on the back of the government's decision to increase the goods and services tax (GST) in October 2010. In the fourth quarter, consumer prices jumped 2.3% over the previous quarter, which more than doubled the 1.1% increase observed in the third quarter. The reading, which was broadly in line with market expectations of a 2.4% rise, represented the largest quarterly increase in more than two decades. Together with the increase in the GST from 12.5% to 15.0% on 1 October, the fourth quarter rise also reflected higher prices for transport (+4.3% quarter-on-quarter), which in turn were due to increasing fuel prices (+6.8% qoq). As a result of the quarterly increase, annual headline inflation jumped from 1.5% in the third quarter to 4.0% in the fourth quarter, pushing inflation to the highest level since the July-September period of 2008. In its December monetary policy statement, the Central Bank sees annual average inflation reaching 2.0% in the fiscal year 2010 (ending in March 2011) and 4.3% in fiscal 2011
New Zealand Inflation
Inflation soars amid tax increase
January 20, 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.