New Zealand Inflation Q2 2019

New Zealand

New Zealand: Inflation accelerates on higher fuel and housing costs in Q2

July 16, 2019

Consumer prices increased 0.6% in Q2 2019 over the previous quarter, up notably from Q1 0.1% uptick, according to Statistics New Zealand. The print showed that a notable rebound in petrol prices was behind the acceleration, which was also fueled by faster quarter-on-quarter increases in prices for clothing and footwear, and by a bounce back in prices for transport, and for household contents and services. On the other hand, softer price increases were recorded for the food, and alcoholic beverages and tobacco groups, while the fall in prices for communication intensified.

In a similar fashion, inflation rose to 1.7% in Q2 on higher fuel and housing costs, following Q1’s 1.5%, and thus moving closer to the Central Bank’s 2.0% target.

FocusEconomics panelists expect inflation to average 2.0% in 2019, which is unchanged from last month’s forecast, and 2.0% again in 2020.

Author: Massimo Bassetti, Economist

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New Zealand Inflation Chart

New Zealand Inflation Q2 2019

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

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