Inflation in New Zealand
New Zealand - Inflation
Inflation jumps to 32-year high in Q2
Consumer prices soared 1.7% from the previous quarter in Q2, coming in slightly below Q1’s 1.8% jump. In terms of specific categories, higher prices for food, housing and household utilities and transport drove the reading.
Meanwhile, inflation surged to 7.3% in Q2 from 6.9% in Q1, logging the fastest print since Q2 1990 and moving further above the Central Bank’s 1.0%-3.0% target band.
Commenting on the release, Lee Sue Ann, economist at UOB, stated:
“This is the largest price movement since a 7.6% increase in the Jun 1990 quarter, that occurred shortly after the introduction of Reserve Bank of New Zealand Act 1989. […] Overall, headline inflation pressures remain narrowly based, largely due to higher oil and food prices as well as construction costs. […] The inflationary backdrop is very uncertain, with global inflationary pressures remaining intense.”
FocusEconomics panelists see inflation averaging 6.1% in 2022, which is up 0.3 percentage points from last month’s forecast, and 3.0% in 2023.
New Zealand - Inflation Data
|Inflation Rate (CPI, annual variation in %)||0.3||0.6||1.9||1.6||1.6|
5 years of economic forecasts for more than 30 economic indicators.
New Zealand Inflation Chart
Source: Statistics New Zealand and FocusEconomics calculations.
New Zealand Facts
|Bond Yield||1.67||1.20 %||Dec 30|
|Exchange Rate||0.67||-1.69 %||Jan 01|
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August 11, 2022
The ANZ bank business outlook indicator rose in July.
August 11, 2022
The ANZ-Roy Morgan consumer confidence indicator rose to 81.9 in July from June’s 80.5.
August 3, 2022
The seasonally-adjusted unemployment rate rose to 3.3% in Q2 from Q1’s 3.2%, which had marked the lowest print since 1986.
July 20, 2022
Consumer prices soared 1.7% from the previous quarter in Q2, coming in slightly below Q1’s 1.8% jump.
July 14, 2022
At its 13 July meeting, the Reserve Bank of New Zealand (RBNZ) hiked the official cash rate to 2.50% from 2.00%, marking the sixth consecutive increase.