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New Zealand Q4 Inflation Climbs 5.9% On Year

newzealandcpi 071510

Consumer prices in New Zealand jumped a 30-year high 5.9 percent on year in the fourth quarter of 2021, Statistics New Zealand said on Thursday.

That beat forecasts for an increase of 5.7 percent and accelerated from 4.9 percent in the three months prior.

"New Zealand is not alone, with many other OECD countries experiencing higher inflation than in recent decades," consumers prices senior manager Aaron Beck said. "Price increases were widespread with 10 out of 11 main groups in the CPI basket increasing in the year, with only the communications group decreasing,"

Individually, housing and household utilities increased 7.6 percent, with home ownership up 16 percent. Transport increased 15 percent, with private transport supplies and services up 21 percent. Food prices increased 4.1 percent, with grocery food up 3.9 percent.

On a seasonally adjusted quarterly basis, consumer prices climbed 1.4 percent - again topping forecasts for 1.3 percent but slowing from 2.2 percent in the third quarter.

Individually, housing and household utilities rose 2.0 percent, influenced by higher prices for home ownership (up 4.6 percent) and actual rentals for housing (up 1.2 percent).

Transport rose 3.9 percent, influenced by private transport supplies and services (up 5.4 percent) and purchase of vehicles (up 1.9 percent).

Recreation and culture rose 2.1 percent, influenced by other recreational equipment and supplies (up 2.4 percent) and audio-visual and computing equipment (up 4.7 percent).

Miscellaneous goods and services rose 1.7 percent, influenced by other miscellaneous services (up 3.5 percent) and personal care (up 2.1 percent).

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