New Zealand Sees Annual Inflation At 5.6 Percent
WELLINGTON, Oct 17 (NNN-XINHUA) – New Zealand’s consumer price index increased 5.6 percent in the 12 months to the Sept, 2023 quarter, according to the statistics department, Stats NZ today.
The 5.6 percent increase follows a six percent increase in the 12 months to the Jun, 2023 quarter, Stats NZ said.
“Prices are still increasing, but are increasing at rates lower than we have seen in the previous few quarters,” Stats NZ consumers prices senior manager, Nicola Growden, said.
Food was the largest contributor to the Sept, 2023, quarter annual inflation rate, Growden said, adding, this was due to rising prices for ready-to-eat food; milk, cheese, and eggs; and bread and cereals.
The next largest contributor to the annual increase was housing and household utilities, which was due to rising prices for construction and rents, Growden said. Prices for construction increased five percent in the 12 months to the Sept, 2023 quarter, following a 7.8 percent increase in the 12 months to the Jun, 2023 quarter, statistics show.
Rent prices increased 4.4 percent in the 12 months to the Sept, 2023 quarter, following an increase of 4.2 percent in the 12 months to the Jun, 2023 quarter, Growden said. Transport was the next largest contributor, driven by rising prices for petrol and domestic air transport, she said.
The consumers price index rose 1.8 percent in the Sept, 2023 quarter, compared with the previous quarter, influenced by transport, and housing and household utilities. Petrol and purchase of new motor cars were the two largest contributors to the transport group, up 16.5 percent and 4.6 percent, respectively, Growden said.
“Petrol prices increased 41 cents in the Sept, 2023 quarter, partly due to the end of the 25 cents per litre tax relief,” she said.