New Zealand Inflation Q4 2018

New Zealand

New Zealand: Inflation ends year below-target

January 22, 2019

According to Statistics New Zealand, consumer prices rose 0.1% in Q4 over the previous quarter, decelerating from Q3’s 0.9% increase. The weaker print reflected a fall in the price for food, alcoholic beverages and tobacco, and household contents.

Inflation logged 1.9% in Q4, thus matching the third quarter’s print and remained marginally below the Central Bank’s 2.0% target. An analysis of subgroups shows that increased prices for food and health were offset by contractions in the price of clothing, communication and education. Additionally, a decline in fuel prices and a stronger New Zealand dollar at year-end also suppressed price pressures.

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


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New Zealand Inflation Chart

NewZealand Inflation Q4  2018

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

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