New Zealand CPI came in better than expected, 0.7% QoQ & 1.5% YoY, Kiwi surges to 0.6320

Consumer Price Index data has arrived and was expected to have risen by 0.6% quarter on quarter, (QoQ),1.4% year on year, (YoY), which crosses the market consensus .

The data has arrived as follows: 

  • 0.7% vs 0.6% expected and previous QoQ/ Q3.
  • 1.5% vs 1.4% expected 1.7% and previous YoY/Q3.

Quarterly change (Source: StateNZ)

In the September 2019 quarter compared with the June 2019 quarter, the CPI rose 0.7 percent (up 0.5 percent with seasonal adjustment).

  • Housing and household utilities rose 1.2 percent, influenced by higher prices for property rates and related services (up 4.9 percent).
  • Food prices rose 1.3 percent, influenced by higher prices for meat, poultry, and fish (up 3.4 percent).
  • Recreation and culture rose 0.7 percent, influenced by higher prices for recreational and cultural services (up 1.2 percent). This includes services such as cinema admissions, sporting and cultural club subscriptions, and veterinary services. 
  • Transport rose 0.5 percent, influenced by higher prices for passenger transport services (up 2.5 percent).

Annual change (Source: StateNZ)

From the September 2018 quarter to the September 2019 quarter, the CPI inflation rate was 1.5 percent.

  • Housing and household utilities increased 3.0 percent, with rents up 2.9 percent, property rates and related services up 5.0 percent, and purchase of new housing up 2.8 percent.
  • Food prices increased 1.8 percent, with meat, poultry, and fish up 6.4 percent.
  • Alcoholic beverages and tobacco increased 3.9 percent, with cigarettes and tobacco up 7.7 percent.


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