Friday, April 19, 2024
HomeBusinessNew Zealand third-quarter inflation outpaces expectations By Reuters

New Zealand third-quarter inflation outpaces expectations By Reuters


Related stories

Unlock Global Achievement: Optimizing Expansion with Expert Localization Services

What Are Localization Services? Due to today's rapid globalization, we...

Pluryal: Quick Facial Volume Restoring

Your skin naturally loses volume and becomes less elastic...

5 Hottest Online Casino Games to Play During Your Christmas Holidays

Can’t decide what to do after all family reunions...

How To Ensure An Online Casino Is A Worthy One? Gambler’s Checklist

So, you’ve found an excellent online casino and can’t...

4 Biggest Casino Risks and Solutions for Online Gamblers

Hello, fellow online gambler! I understand your rush for...


© Reuters. FILE PHOTO: Pedestrians walk near the main entrance to the Reserve Bank of New Zealand located in central Wellington, New Zealand, July 3, 2017. REUTERS/David Gray

(Corrects to fix wording in paragraph 2 and final paragraph)

By Lucy Craymer

WELLINGTON (Reuters) -New Zealand’s consumer inflation outpaced expectations in the third quarter and remains at historically high levels amid widespread price pressures.

Annual inflation rose to 7.2% in the third quarter, slowing from 7.3% in the second quarter and sits just below three-decade highs, Statistics New Zealand said in a statement on Tuesday.

The consumer price index (CPI) rose 2.2% quarter-on-quarter, following a 1.7% rise in the second quarter. The data was above economists’ expectations for a 1.6% rise for the quarter and a 6.7% annual rise, according to a Reuters poll.

The Reserve Bank of New Zealand (RBNZ) has raised interest rates to 3.50% from a record low 0.25% in October last year. It has signalled it will increase the cash rate further as it works to dampen inflation.

The New Zealand dollar rose slightly after the data showed inflation was hotter than expected.

The main drivers of the 7.2% annual inflation were rising prices for construction, local government taxes and rentals for housing, Statistics New Zealand said in a statement.

“The cost to construct a new house has continued to rise with supply-chain issues, labour costs and higher demand, all of which combine to push up prices,” said Nicola Growden, Statistics New Zealand prices senior manager.

Statistics New Zealand added that annual non-tradable inflation – products made in New Zealand for domestic consumption – rose to 6.6%, the highest since it began tracking that data in June 2002.

See also  Democrats' draft antitrust bills could reshape Apple, Amazon, Google, Facebook


Source link

Bellie Brown
Bellie Brown
Hi my lovely readers, I am Bellie brown editor and writer of I write blogs on various niches such as business, technology, lifestyle., health, entertainment, etc as well as manage the daily reports of the website. I am very addicted to my work which makes me keen on reading and writing on the very latest and trending topics. One can check my more writings by visiting

Latest stories