Inflation in New Zealand

New Zealand Inflation | Economic News & Forecasts

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

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %)0.3  0.6  1.9  1.6  1.6  

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New Zealand Inflation Chart

New Zealand Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Statistics New Zealand and FocusEconomics calculations.

New Zealand Facts

Value Change Date
Bond Yield1.671.20 %Dec 30
Exchange Rate0.67-1.69 %Jan 01

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