New Zealand Inflation Slows More Than Expected to 2-Year Low
(Bloomberg) -- New Zealand inflation slowed more than economists expected in the third quarter as the central bank’s aggressive interest-rate hikes curbed household spending.Most Read from BloombergYour Guide to Understanding the Roots of the Israel-Hamas WarIsrael Latest: Minister Tells Blinken to Brace for ‘Long War’Israel Latest: Army Says Hamas Officials Dead; Over 600,000 in Gaza Flee SouthUS Pushes to Contain Israel-Hamas War, Warns Iran About EscalationStocks Rise Amid Efforts to Stifle I New Zealand inflation slowed more than economists expected in the third quarter, with the annual inflation rate falling to 5.6%, a two-year low. Consumer prices advanced 1.8% from three months earlier, less than the 1.9% median estimate. The RBNZ this month maintained the Official Cash Rate at 5.5%, and said policy may need to be restrictive for a sustained period of time to get inflation back into its 1-3% target range by the second half of 2024. The New Zealand dollar declined, but inflation slowed despite a surge in global oil prices, which drove up domestic fuel costs, and record immigration. The main drivers were food, fuel, construction costs and rents, while prices for construction of new houses were up 0.6% for the quarter and 5.0% for 2014. The government publishes its own core inflation measure later Tuesday.
发表 : 2年前 经过 Tracy Withers 在 Finance
(Bloomberg) -- New Zealand inflation slowed more than economists expected in the third quarter as the central bank’s aggressive interest-rate hikes curbed household spending.
• None Your Guide to Understanding the Roots of the Israel-Hamas War
• None Israel Latest: Army Says Hamas Officials Dead; Over 600,000 in Gaza Flee South
• None US Pushes to Contain Israel-Hamas War, Warns Iran About Escalation
The annual inflation rate fell to 5.6%, a two-year low, from 6% in the second quarter, Statistics New Zealand said Tuesday in Wellington. Economists expected 5.9% while the Reserve Bank had forecast 6%. Consumer prices advanced 1.8% from three months earlier, less than the 1.9% median estimate.
The RBNZ this month maintained the Official Cash Rate at 5.5% and said policy may need to be restrictive for a sustained period of time to get inflation back into its 1-3% target range by the second half of 2024. Investors reduced bets on another rate increase after today’s report.
“We are winning the war on inflation,” said Jarrod Kerr, chief economist at Kiwibank in Auckland. “Today’s numbers significantly reduce the likelihood of any further hikes from the RBNZ. Whatever probability there was before today’s numbers, it’s closer to zero now.”
The New Zealand dollar declined. It bought 59.03 US cents at 11:17 a.m. in Wellington from 59.28 cents beforehand.
Inflation slowed despite a surge in global oil prices, which drove up domestic fuel costs, and record immigration.
The RBNZ on Oct. 4 acknowledged the risk that domestic demand could remain resilient for longer, prompting some economists to forecast the OCR won’t be cut until early 2025.
Annual non-tradables inflation, a closely watched indicator of domestic price pressures, slowed to 6.3% from 6.6%, but was still higher than the RBNZ’s projection of 6.2%, today’s report showed.
Nine of the 11 main groups in the consumers price index basket increased in the quarter. The main drivers were food, fuel, construction costs and rents, the statistics agency said.
• None Prices for construction of new houses were up 0.6% for the quarter and 5.0% for the year
• None Consumer prices excluding food, fuel and energy rose 5.2% from a year earlier. The RBNZ publishes its own core inflation measure later Tuesday
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话题: Inflation, New Zealand