New Zealand Inflation Down to 0.8 percent in Q3

In New Zealand, the CPI increased 0.8 percent in the year to the September 2012 quarter, which is the smallest annual movement since a 0.5 percent increase in the year to the December 1999 quarter.

On an annual basis, prices rose for cigarettes and tobacco (up 13 percent, reflecting a 14.49 percent rise in excise duty in January), rentals for housing (up 2.4 percent), and electricity (up 4.4 percent).

The consumers price index (CPI) rose 0.3 percent for the September 2012 quarter, Statistics New Zealand said on October 16.

Prices for housing and household utilities rose 0.8 percent, reflecting higher local authority rates (up 3.6 percent), rentals for housing (up 0.6 percent), and purchase of new housing (up 1.0 percent). House insurance (up 17 percent) also rose.

Vegetable prices rose 20 percent in the September 2012 quarter. This reflects seasonal price rises for tomatoes (up 57 percent), lettuce, capsicums, and broccoli. However, in the year to the September 2012 quarter, vegetable prices were down 3.3 percent.

Prices were lower for telecommunication services (down 7.5 percent), audio-visual equipment down 18 percent), and fresh milk (down 9.3 percent)., Statistics New Zealand
10/16/2012 9:54:17 AM