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Financial News: New Zealand Q3 Inflation Rises 0.5%

New Zealand Q3 Inflation Rises 0.5%

10/16/2017 - 18:31:00 (RTTNews)

(RTTNews) - Consumer prices in New Zealand advanced 0.5 percent on quarter in the third quarter of 2017, Statistics New Zealand said on Tuesday.

That exceeded forecasts for a gain of 0.4 percent following the flat reading in the previous three months.

Food prices rose 1.1 percent, influenced by higher prices for vegetables (up 6.2 percent).

Housing and household utilities rose 1.0 percent, influenced by local authority rates (up 3.5 percent), rentals for housing (up 0.6 percent), and purchase of new housing (up 1.1 percent).

Transport prices fell 1.1 percent, with cheaper petrol prices (down 1.7 percent), and international airfares (down 5.5 percent).

On a yearly basis, inflation climbed 1.9 percent - again topping expectations for 1.8 percent and up from 1.7 percent in the three months prior.

Housing and household utilities increased 3.0 percent, with purchase of new housing up 5.4 percent, and rentals for housing up 2.2 percent.

Food prices increased 2.8 percent, with vegetables up 9.0 percent.

Communication prices decreased 5.3 percent, with telecommunications services down 4.5 percent and equipment down 22 percent.

Rents rose 0.6 percent in Q3 and 2.2 percent in the year. Construction of new dwellings (excluding land) rose 1.1 percent this quarter and 5.4 percent in the year to September.

Local authority rates rose 3.5 percent this quarter and 3.7 percent in the year. Dwelling insurance rose 6.1 percent this quarter and 12 percent in the year. Petrol prices fell 1.7 percent in the September 2017 quarter and increased 4.5 percent in the year.

International air fares fell 5.5 percent this quarter and 2.7 percent in the year to September. Vehicle re-licensing fees fell 8.0 percent this quarter and 8.0 percent in the year. Prices for second-hand motor cars fell 0.9 percent this quarter and increased 1.8 percent in the year.

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