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New Zealand Inflation Spikes 6.9% On Year In Q1

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Consumer prices in New Zealand jumped to a 30-year high of 6.9 percent on year in the first quarter of 2022, Statistics New Zealand said on Thursday.

That was actually shy of expectations for an increase of 7.1 percent and was up from 5.9 percent in the previous three months.

On a seasonally adjusted quarterly basis, consumer prices climbed 1.8 percent – again beneath expectations for an increase of 2.0 percent and up from 1.4 percent in the three months prior.

Individually, food rose 3.1 percent, influenced by fruit and vegetables (up 9.3 percent) and grocery food (up 2.4 percent).

Housing and household utilities rose 1.8 percent, influenced by home ownership (up 3.5 percent) and actual rentals for housing (up 1.1 percent).

Transport rose 3.3 percent, influenced by private transport supplies and services (up 6.6 percent) and partly offset by a fall in passenger transport services (down 9.0 percent).

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