Quarterly inflation in New Zealand recorded a growth in the second quarter of this year ending last June, according to Statistics New Zealand, by 1.3% compared to the same period last year, and compared to 0.8% in the first quarter, exceeding expectations that indicated a decline to 0.7%.

In details, the largest contribution to the increase in the New Zealand consumer price index came from the housing and household utilities sector, which rose by 1.9% after the increase in purchase prices for new homes by 4.6%, while food prices rose by about 1.5% in the second quarter, supported by the increase in vegetable prices by about 17% Transportation, in turn, rose by 2.2%, with gasoline prices increasing by 6.1%.

The New Zealand dollar rose after the statement by more than 40 pips against the US dollar to test 0.7024 levels and is now trading with the opening of the European markets at 0.7006 levels.