New Zealand Inflation Q2 2021

New Zealand

New Zealand: Inflation jumps to nearly 10-year high in Q2

July 16, 2021

Consumer prices soared 1.3% from the previous quarter in the second quarter, coming in above Q1’s 0.8% rise. Moreover, the reading surprised market expectations of a milder 0.7% increase and marked the fastest quarter-on-quarter increase since Q4 2010. In terms of specific categories, higher prices for home ownership, private transport supplies and services and fruit and vegetables drove the quarter-on-quarter surge in prices.

Meanwhile, inflation jumped to 3.3% in Q2 from 1.5% in Q1, logging the fastest print since Q4 2011 and breaching the Central Bank’s 1.0%-3.0% target band for the first time in close to 10 years.

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 Q2  2021

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

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