New Zealand Inflation

New Zealand

New Zealand: Inflation remains stable in Q3

October 16, 2015

Consumer prices increased 0.3% in Q3 2015 over the previous quarter, which was slightly below Q2’s 0.4% rise. The reading was in line with market expectations. According to the statistical institute, the moderation came on the back of lower vehicle relicensing fees, which more than offset higher vegetable and package holiday prices.

Headline inflation tallied 0.4% in Q3, mirroring Q2’s result. Consequently, inflation remained below the lower bound of the Reserve Bank of New Zealand’s 1.0%–3.0% target range.

According to its June Monetary Policy Statement, the Bank expects an average inflation of 0.1% in 2015. In 2016, the Bank sees inflation averaging 1.5%. FocusEconomics Consensus Forecast panelists expect inflation to average 0.5% in 2015, which is unchanged from last month’s forecast. For 2016, the panel foresees that inflation will rise to 1.8%.


Author:, Economist

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New Zealand Inflation Chart


New Zealand Inflation Q3 2015

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


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