New Zealand Inflation Q4 2015

New Zealand

New Zealand: Inflation moderates in Q4

January 18, 2016

Consumer prices fell 0.5% in Q4 2015 over the previous quarter, which contrasted Q3’s 0.3% rise and marked a multi-year low. The reading undershot market expectations’ of a softer 0.3% fall. According to the statistical institute, the fall mostly came on the back of a strong decrease in gasoline prices.

Headline inflation fell from 0.4% in Q3 to 0.1% in Q4, thus marking a multi-year low. Consequently, inflation fell further below the lower bound of the Reserve Bank of New Zealand’s 1.0%–3.0% target range.

According to its December Monetary Policy Statement, the Bank expects an average inflation of 2.2% in 2016. In 2017, the Bank sees inflation averaging 2.9%. FocusEconomics Consensus Forecast panelists expect inflation to average 1.6% in 2016, which is down 0.1 percentage points from last month’s forecast. For 2017, the panel foresees that inflation will rise to 1.9%.

Author:, Economist

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New Zealand Inflation Chart

New Zealand Inflation Q4 2015

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

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