New Zealand Aunnual Inflation Rate at 4.6% in Q3

In the year to the September 2011 quarter, the CPI rose 4.6 percent, including a 2.3 percent increase in the December 2010 quarter when GST rose from 12.5 to 15 percent. Key contributions to the rise came from transport (up 8.8 percent), food (up 6.2 percent), housing and household utilities (up 3.7 percent), and alcoholic beverages and tobacco (up 5.6 percent).

On an annual basis, petrol prices increased (up 18 percent), while the price of cigarettes and tobacco (up 12 percent), vegetables (up 18 percent), purchase of new housing (up 3.7 percent), electricity (up 4.6 percent), and local authority rates (up 6.6 percent) also rose.

The consumers price index (CPI) rose 0.4 percent for the September 2011 quarter. The 0.4 percent increase in the CPI reflects higher food prices and local authority rates, countered by falls in transport and communication prices.

The housing and household utilities group rose in the September 2011 quarter (up 0.7 percent), reflecting higher local authority rates (up 4.1 percent) and rentals for housing (up 0.5 percent).

Food prices rose 1.7 percent in the September 2011 quarter. Higher than usual prices for vegetables (up 18 percent) were responsible for much of the increase. Higher vegetable prices were influenced by a supply shortage due to the Queensland floods earlier in 2011.

Transport prices fell 1.0 percent in the September 2011 quarter, influenced by lower prices for petrol (down 3.3 percent) which briefly dipped below $2 per litre in August after peaking around $2.20 in April. International air fares also fell (down 3.7 percent), reflecting cheaper flights to Asia.

Communication prices fell in the September 2011 quarter (down 3.6 percent), reflecting increased data caps for broadband plans and cheaper international calling rates.

New Zealand Aunnual Inflation Rate at 4.6% in Q3, Statistics New Zealand
10/25/2011 10:56:21 AM