Quarterly inflation in New Zealand recorded a growth in the first quarter of this year ending last March, according to Statistics New Zealand, by 1.8% compared to the same period last year, and compared to 1.4% in the fourth quarter of 2021, but it came below expectations that indicated a rise to 2 % .
On an annual basis and compared to the first quarter of 2021, inflation rose to 6.9% compared to 5.9%, while expectations were at 7.1%, recording the fastest growth rate in 32 years.
In details, food prices rose by 3.1%, housing and household utilities prices rose by 1.8%, and transportation prices rose by about 3.3%.
The New Zealand dollar fell after the statement by more than 40 pips against the US dollar, because the numbers came below expectations to test 0.6760 levels, and it is now trading before the opening of the European markets at 0.6785 levels.
02/11/2024
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