Annual consumer price growth in New Zealand rose above expectations, signaling persistent inflationary pressures.
New Zealand’s consumer price index climbed 4.1% year-over-year in the second quarter, surpassing the 4.0% forecast and marking an increase from 3.1% in Q1. Quarterly inflation rose 1.5%, also above the 1.4% estimate and up from 0.9% in the prior period.
The print reflects stronger-than-expected price pressures, with non-tradeables inflation rising 0.34% year-over-year and 0.6% quarter-over-quarter. Analysts had anticipated a slight cooling in inflation, but the data suggests underlying price growth remains elevated.
The figures may influence the Reserve Bank of New Zealand’s policy outlook, as inflation remains above its 1%-3% target range.