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Financial News: New Zealand Q3 CPI Advances 0.7% On Quarter

New Zealand Q3 CPI Advances 0.7% On Quarter

10/15/2019 - 18:45:00 (RTTNews)

(RTTNews) - Consumer prices in New Zealand climbed 0.7 percent on quarter in the third quarter of 2019, Statistics New Zealand said on Wednesday - surpassing expectations for an increase of 0.6 percent, which would have been unchanged from the previous three months.

Housing and household utilities rose 1.2 percent on quarter, influenced by higher prices for property rates and related services (up 4.9 percent). Food prices rose 1.3 percent, influenced by higher prices for meat, poultry, and fish (up 3.4 percent).

Recreation and culture rose 0.7 percent, influenced by higher prices for recreational and cultural services (up 1.2 percent). This includes services such as cinema admissions, sporting and cultural club subscriptions, and veterinary services.

Transport rose 0.5 percent, influenced by higher prices for passenger transport services (up 2.5 percent).

On a yearly basis, consumer prices advanced 1.5 percent - again exceeding expectations for 1.4 percent and down from 1.7 percent in the three months prior.

Housing and household utilities increased 3.0 percent, with rents up 2.9 percent, property rates and related services up 5.0 percent, and purchase of new housing up 2.8 percent. Food prices increased 1.8 percent, with meat, poultry, and fish up 6.4 percent.

Alcoholic beverages and tobacco increased 3.9 percent, with cigarettes and tobacco up 7.7 percent. Housing and household utilities was the main upwards contributor to the 1.5 percent CPI increase in the year to September 2019. The rise in this group was influenced by higher prices for rents, purchase of housing, and local authority rates and payments.

Actual rentals for housing increased 2.9 percent nationwide in the year to September 2019. Regionally, rent prices increased 4.1 percent in Wellington, 4.3 percent in the rest of the North Island, and 4.0 percent in the rest of the South Island, 1.8 percent in Auckland, and 1.3 percent in Canterbury.

Construction prices increased 2.8 percent in the year to September 2019 across the country. Prices of newly built houses increased 4.0 percent in Wellington, 3.4 percent in the rest of the North Island, 2.8 percent in the rest of the South Island, 2.7 percent in Auckland, and 1.4 percent in Canterbury.

The trimmed-mean measures - which exclude extreme price movements - ranged from 1.7 percent to 1.8 percent for the year. This indicates that underlying inflation is higher than the 1.5 percent overall increase in the CPI. On a quarterly basis, trimmed means ranged from 0.5 percent to 0.6 percent.

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