New Zealand Consumer Prices Rise 7.2% On Year In Q3

(RTTNews) - Consumer prices in New Zealand were up 7.2 percent on year in the third quarter of 2022, Statistics New Zealand said on Tuesday.

That exceeded estimates for an increase of 6.6 percent and eased slightly from 7.3 percent in the previous three months.

Individually, housing and household utilities increased 8.7 percent, influenced by home ownership (up 17 percent) and actual rentals for housing (up 4.6 percent). Transport increased 12 percent, influenced by private transport supplies and services (up 16 percent) and passenger transport services (up 0.7 percent). Food increased 8.0 percent, influenced by grocery food (up 8.0 percent) and fruit and vegetables (up 14 percent).

On a quarterly basis, inflation rose 2.2 percent (1.7 percent after seasonal adjustments) - well above expectations for a gain of 1.6 percent and accelerating from 1.7 percent in the three months prior.

Individually, food rose 4.1 percent, influenced by fruit and vegetables (up 17 percent) and grocery foods (up 2.2 percent). Housing and household utilities rose 2.3 percent, influenced by home ownership (up 3.3 percent) and property rates and related services (up 7.1 percent). Transport rose 1.7 percent, influenced by passenger transport services (up 18 percent) and was partly offset by private transport supplies and services (down 2.5 percent).