New Zealand inflation rises 0.3% on quarter in Q3
2012-10-16 15:54:27
Consumer prices in New Zealand added 0.3 percent in the third quarter of 2012 compared to the previous three months, Statistics New Zealand said on Tuesday - unchanged and in line with expectations.
Prices for housing and household utilities rose 0.8 percent, reflecting higher local authority rates (up 3.6 percent), rentals for housing (up 0.6 percent), and purchase of new housing (up 1.0 percent). House insurance (up 17 percent) also rose.
Vegetable prices rose 20 percent in the quarter, reflecting seasonal price rises for tomatoes (up 57 percent), lettuce, capsicums, and broccoli.
Prices were also down for second-hand cars (down 2.8 percent), domestic air fares (down 7.8 percent), petrol (down 1.0 percent), telecommunication services (down 1.8 percent), and milk (down 3.8 percent). On average, petrol prices were lower than in the June quarter, despite peaking in the last week of August.
"The increase in the CPI reflects higher housing-related prices and seasonally higher vegetable prices. These increases were countered by cheaper transport, telecommunication services, and fresh milk," prices manager Chris Pike said.
On a yearly basis, CPI was up 0.8 percent versus expectations for a gain of 1.0 percent, which also would have been unchanged.
Prices rose for cigarettes and tobacco (up 13 percent, reflecting a 14.49 percent rise in excise duty in January), rentals for housing (up 2.4 percent), and electricity (up 4.4 percent).
Prices were lower for telecommunication services (down 7.5 percent), audio-visual equipment (down 18 percent), and fresh milk (down 9.3 percent). Vegetable prices were down 3.3 percent.
Upon the release of the data, the New Zealand dollar edged down sharply against major currencies, trading near 0.815 against the U.S. dollar, 1.2577 versus the Aussie, 64.17 against the yen and 1.5886 versus the euro.