New Zealand’s annual inflation accelerated in the second quarter, coming in at 4.1% – above analysts’ forecasts – and remained above the top end of the central bank’s target range, official data showed on Tuesday.
The consumer price index (CPI) rose 1.5% in the second quarter from the previous quarter, Statistics New Zealand said. Economists polled by Reuters had expected a 1.4% quarterly rise and a 4.0% annual increase.
The Reserve Bank of New Zealand (RBNZ) targets annual inflation between 1% and 3% over the medium term. Statistics New Zealand said the largest contributor to inflation was petrol, which was up 27.5%, while diesel prices were up 71.1%.
The RBNZ earlier this month forecast annual inflation at 3.9% for the quarter, before easing to 3.3% in the third quarter as the boost from oil price rises linked to the Middle East war fades from the headline rate.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
