Consumer prices in New Zealand increased 1.9 percent year-on-year in the third quarter of 2018 following a 1.5 percent increase in the previous quarter. The print came above consensus expectations (1.7 percent) and was the highest rate in four quarters. Higher inflation was mainly explained by a 19 percent jump in petrol prices, which also nudged transport prices higher (+5.6 percent). Meantime, housing and household utilities increased 3.1 percent with construction up 4.1 percent, rentals rising 2.3 percent and local authority rates up 5.1 percent. Inflation Rate in New Zealand averaged 4.67 percent from 1918 until 2018, reaching an all time high of 44 percent in the third quarter of 1918 and a record low of -15.30 percent in the first quarter of 1923.

Inflation Rate in New Zealand is expected to be 1.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in New Zealand to stand at 1.90 in 12 months time. In the long-term, the New Zealand Inflation Rate is projected to trend around 2.10 percent in 2020, according to our econometric models.

New Zealand Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-01-24 09:45 PM Inflation Rate YoY 1.6% 1.9% 1.9% 1.9%
2018-04-18 10:45 PM Inflation Rate YoY 1.1% 1.6% 1.1% 1.2%
2018-07-16 10:45 PM Inflation Rate YoY 1.5% 1.1% 1.6% 1.6%
2018-10-15 09:45 PM Inflation Rate YoY 1.9% 1.5% 1.7% 1.7%
2019-01-22 09:45 PM Inflation Rate YoY 1.9% 1.8% 1.8%
2019-04-16 10:45 PM Inflation Rate YoY 1.6%
2019-07-16 10:45 PM Inflation Rate YoY 1.7%



New Zealand Inflation Jumps to 1.9% on Higher Oil Prices

Consumer prices in New Zealand increased 1.9 percent year-on-year in the third quarter of 2018 following a 1.5 percent increase in the previous quarter. The print came above consensus expectations (1.7 percent) and was the highest rate in four quarters.

Higher inflation was mainly explained by a 19 percent jump in petrol prices, which also nudged transport prices higher (+5.6 percent vs 2.0 percent in Q2). Also, cost rebounded for recreation & culture (0.4 percent vs -0.6 percent). Meantime, housing and household utilities increased 3.1 percent (the same pace as in Q2) with rises in construction (4.1 percent), rentals (2.3 percent) and local authority rates (5.1 percent). On the other hand, prices slowed for food (0.2 percent vs 0.7 percent), mainly driven by cost of grocery food (0.1 percent vs 0.9 percent), non-alcoholic beverages (2.4 percent vs 3.5 percent); meat, poultry and fish (-0.2 percent vs 0.5 percent) and fruits and vegetables (-5.1 percent vs -5.6 percent).

Meantime, albeit at a slower pace compared to the second quarter’s 5.6 percent increase, alcoholic beverages & tobacco increased 4.7 percent, with cigarettes & tobacco climbing 10.6 percent (vs 10.7 percent), mainly triggered by an increase in excise duties for tobacco and tobacco products.

In addition, prices for communications declined sharply in the third quarter, falling 5.4 percent after a 4.9 percent drop in the previous quarter, with telecommunication equipment prices plunging 16.6 percent (vs -8.8 percent) and telecommunication services falling 3.2 percent (vs -4.1 percent).

On a quarterly basis, consumer prices rose 0.9 percent in the third quarter of 2018, way up from from a 0.4 percent increase recorded in the previous period and also above market expectations of 0.7 percent.


Statistics New Zealand | Mario | mario@tradingeconomics.com
10/16/2018 10:24:03 AM



New Zealand Prices Last Previous Highest Lowest Unit
Inflation Rate 1.90 1.50 44.00 -15.30 percent [+]
Inflation Rate Mom 0.90 0.40 8.90 -4.10 percent [+]
Consumer Price Index CPI 1024.00 1015.00 1024.00 16.50 Index Points [+]
Core Consumer Prices 1024.00 1015.00 1024.00 512.60 Index Points [+]
Core Inflation Rate 1.90 1.01 7.91 0.00 percent [+]
GDP Deflator 1190.00 1185.00 1192.00 589.00 Index Points [+]
Producer Prices 1140.00 1124.00 1140.00 165.78 Index Points [+]
Export Prices 1210.00 1183.00 1269.00 85.30 Index Points [+]
Import Prices 838.00 817.00 1128.00 70.43 Index Points [+]
Inflation Expectations 2.03 2.04 8.30 1.60 percent [+]
Cpi Housing Utilities 1042.00 1031.00 1042.00 536.80 Index Points [+]
CPI Transportation 1044.00 1020.00 1099.90 743.20 Index Points [+]
Food Inflation 1.00 0.40 25.20 -2.00 percent [+]


New Zealand Inflation Rate

In New Zealand, the most important category in the consumer price index is Housing and Utilities (24.2 percent of total weight). Food and Non-Alcoholic Beverages accounts for 18.8 percent; Transport for 15 percent; Recreation and Culture for 9.4 percent; Miscellaneous Goods and Services for 7.4 percent and Alcoholic beverages and Tobacco for 7 percent. Furniture, Household Goods and Maintenance; Clothing and Footwear; Health; Communication and Education account for the remaining 18.2 percent of total weight. This page provides - New Zealand Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand Inflation Rate - actual data, historical chart and calendar of releases - was last updated on January of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.90 1.50 44.00 -15.30 1918 - 2018 percent Quarterly




Country Last Previous
Argentina 47.10 Dec/18
Australia 1.90 Sep/18
Brazil 3.75 Dec/18
Canada 2.00 Dec/18
China 1.90 Dec/18
Euro Area 1.60 Dec/18
France 1.60 Dec/18
Germany 1.70 Dec/18
India 2.19 Dec/18
Indonesia 3.13 Dec/18
Italy 1.10 Dec/18
Japan 0.30 Dec/18
Mexico 4.83 Dec/18
Netherlands 2.00 Dec/18
Russia 4.30 Dec/18
Saudi Arabia 2.80 Nov/18
Singapore 0.30 Nov/18
South Africa 5.20 Nov/18
South Korea 1.30 Dec/18
Spain 1.20 Dec/18
Switzerland 0.70 Dec/18
Turkey 20.30 Dec/18
United Kingdom 2.10 Dec/18
United States 1.90 Dec/18


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