NZ inflation data for the third quarter, July to September, of 2021.
2.2% q/q, much higher than expected and a big surge from the previous quarter
- expected 1.4% q/q, prior 1.3%
- Excluding quarters impacted by increases to GST rates, the September quarter movement was the highest since the June 1987 quarter
CPI 4.9% y/y ditto on higher than expected and from Q2. Highest in a decade.
- expected 4.1% y/y, prior 3.3%
Comments from StatsNZ:
- The quarterly price rises were widespread
- 10 of the 11 main groups in the CPI basket increasing
- main drivers were housing-related costs
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Later in the NZ day will be the Reserve Bank of New Zealand’s own measure of inflation
- RBNZ’s Sectoral Factor Model of core
inflation, in Q2 this registered at a 12-year high of 2.2% y/y - This is due at 0200 GMT
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