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Financial News: New Zealand Consumer Prices Rise 0.8% On Quarter

New Zealand Consumer Prices Rise 0.8% On Quarter In Q1

04/20/2021 - 19:16:00 (RTTNews)

(RTTNews) - Consumer prices in New Zealand climbed a seasonally adjusted 0.8 percent on quarter in the first quarter of 2021, Statistics New Zealand said on Wednesday.

That exceeded expectations for an increase of 0.7 percent following the 0.5 percent gain in the fourth quarter of 2020.

Transport rose 3.9 percent, influenced by higher prices for private transport supplies and services (up 4.9 percent) and purchase of vehicles (up 2.6 percent).

Housing and household utilities rose 0.9 percent, influenced by actual rentals for housing (up 1.0 percent) and home ownership (1.2 percent).

Alcoholic beverages and tobacco rose 1.6 percent, influenced by higher prices for cigarettes and tobacco (up 2.7 percent).

Food rose 0.6 percent, influenced by grocery food (up 0.9 percent) and restaurant meals and ready to eat foods (up 0.9 percent).

On a yearly basis, consumer prices climbed 1.5 percent - again beating forecasts for 1.4 percent, which would have been unchanged from the three months prior.

Housing and household utilities increased 2.6 percent, with higher prices for home ownership (up 3.5 percent) and actual rentals for housing (up 2.7 percent).

Food prices increased 1.1 percent, with higher prices for restaurant meals and ready-to-eat foods (up 3.7 percent) and fruit and vegetables (up 3.9 percent).

Alcoholic beverages and tobacco increased 2.5 percent, with higher prices for cigarettes and tobacco (up 2.9 percent) and alcoholic beverages (up 2.2 percent).

Miscellaneous goods and services increased 1.9 percent, with higher prices for other miscellaneous services (up 6.1 percent).

For the year ended March 2021: CPI excluding food increased 1.6 percent; CPI excluding housing and household utilities increased 1.2 percent; CPI excluding alcoholic beverages and tobacco increased 1.4 percent; and CPI excluding food group, household energy subgroup, and vehicle fuels increased 2.0 percent.

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