Q3 inflation data from New Zealand
0.2 % q/q - much higher than expected, but under the previous
- expected 0.0%, prior 0.4%
0.2 % y/y and also higher than expected ... and again, under the prior (for Q2) result
- expected 0.1%, prior 0.4%
- Excluding petrol, the CPI showed a 0.8 percent increase in the year to the September 2016 quarter
The 'excluding petrol' increase will be something for the RBNZ to take encouragement from in their seeking higher inflation.
More from Stats NZ:
- "Higher housing-related prices were countered by lower transportation prices," consumer prices manager Matt Haigh said.
- Increase was influenced by higher prices for purchase of new housing, excluding land (up 6.3 percent), and rentals for housing (up 2.1 percent)
- Property maintenance prices, such as painting and plumbing, have also increased steadily throughout the year
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It'll be interesting to get comments from the RBNZ on this result today and how it will influence monetary policy. The bank was expecting inflation to begin rising again, so this result will not be too far out of line for them.
