New Zealand Inflation Q3 2018

New Zealand

New Zealand: Inflation climbs to a one-year high in Q3

October 16, 2018

Consumer prices rose 0.9% in Q3 over the previous quarter according to Statistics New Zealand, accelerating from Q2’s 0.4% rise and marking a one-and-a-half year high. The reading mainly reflected higher prices for housing and household utilities as well as transport.

Inflation picked up from 1.5% in Q2 to a one-year high of 1.9% in Q3, coming in marginally below the Central Bank’s 2.0% target. The combination of higher fuel prices and a weaker New Zealand dollar have added to inflationary pressures recently, which if sustained, could reduce the scope for further loosening of policy by the RBNZ.

New Zealand Inflation Forecast


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:, Economist

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New Zealand Inflation Chart


NewZealand Inflation Q3 2018

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


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