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%
New Zealand cpi graph

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


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