New Zealand Inflation Q3 2020

New Zealand

New Zealand: Inflation inches down in Q3

October 23, 2020

Consumer prices rebounded and increased 0.67% in Q3 2020 over the previous quarter as the economy bounced on easing restrictions. The result came in below market expectations of a 0.9% quarter-on-quarter rise and contrasted Q2’s 0.48% decrease, which had represented sharpest rate of contraction in four-and-a-half years. In terms of specific categories, fruit and vegetables, private transport supplies and services and property rates and related services recorded quarter-on-quarter increases in prices.

Meanwhile, inflation dipped from 1.5% in Q2 to 1.4% in Q3, moving further below the Central Bank’s 2.0% target.

Our panelists see inflation averaging 1.4% in 2021 and 1.7% in 2022..

Author: Massimo Bassetti, Senior Economist

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New Zealand Inflation Chart

New Zealand Inflation Q3  20 20

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

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