New Zealand Inflation

New Zealand

New Zealand: Inflation inches up in Q2

July 17, 2015

Consumer prices increased 0.4% in Q2 2015 over the previous quarter, rebounding from the 0.3% decrease recorded in Q1. The reading marked the highest increase since Q3 2013, but came in below market expectations of a 0.6% increase. According to the statistical institute, the acceleration was mainly driven by higher prices for petro and vegetables.

Headline inflation rose from 0.1% in Q1 to 0.3% in Q2. Consequently, inflation came closer to the lower bound of the Reserve Bank of New Zealand’s 1.0%–3.0% target range.

According to its March Monetary Policy Statement, the Bank expects an average inflation of 0.1% in 2015. In 2016, the Bank sees inflation averaging 1.6%. FocusEconomics Consensus Forecast panelists expect inflation to average 1.1% in 2015, which is unchanged from last month’s forecast. For 2016, the panel foresees that inflation will rise to 2.0%.

Author:, Economist

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New Zealand Inflation Chart

New Zealand Inflation Q2 2015

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

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