New Zealand Inflation Q1 2019

New Zealand

New Zealand: Inflation falls further below Central Bank target

April 17, 2019

Consumer prices rose 0.1% in Q1 2019 over the previous quarter, matching Q4 2018’s uptick, according to Statistics New Zealand. The print showed that a rebound in prices for food, and alcoholic beverages and tobacco was partially offset by lower prices for transport, telecommunications, and recreation and culture.

Inflation slowed to 1.5% in Q1, after Q4’s 1.9% increase, thus falling further below the Central Bank’s 2.0% target. In contrast, average annual inflation edged up to 1.7% in the first quarter (Q4: 1.6% year-on-year).

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


New Zealand Inflation Q1 2019

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


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