2021.07.1522:59:00UTC+00New Zealand Inflation Climbs 3.3% On Year In Q2

Consumer prices in New Zealand were up 3.3 percent on year in the second quarter of 2021, Statistics New Zealand said on Friday - exceeding expectations for 2.8 percent and up sharply from 1.5 percent in the three months prior.

Individually, transport prices increased 9.4 percent, with private transport supplies and services up 11 percent. Housing and household utilities increased 3.9 percent, with home ownership up 7.4 percent.

Food prices increased 1.6 percent, with restaurant meals and ready-to-eat food up 4.3 percent. Recreation and culture prices increased 2.6 percent, with accommodation services up 11 percent.

On a quarterly basis, inflation climbed a seasonally adjusted 1.3 percent - again beating forecasts for 0.8 percent, which would have been unchanged from the first quarter.