New Zealand Inflation Rate Eases to 0.2% in Q3
Consumer prices in New Zealand increased 0.2 percent year-on-year in the third quarter of 2016, easing from a 0.4 percent rise in each of the previous two quarters and above market estimates of 0.1 percent. Housing-related prices made the biggest upward contribution, partially offset by a fall in transport cost.
Housing-related prices were the main upward contributor, influenced by purchase of newly built houses, excluding land (up 6.3 percent); with Auckland up 7.9 percent; rentals for housing (up 2.1 percent); with Auckland up 3.4 percent; local authority rates (up 3.4 percent) and property maintenance services like painting and plumbing (up 3.1 percent).
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In contrast, cost declined for petrol (-11 percent); other private transport services (-28 percent); international air transport (down 11 percent); package holidays (-13 percent).
On a quarterly basis, consumer prices also rose 0.2 percent, easing from a 0.4 percent increase in the previous period.