New Zealand Annual Inflation Its 5.1%

(RTTNews) - Full-year inflation in New Zealand rose to its highest level in 18 years in the third quarter.

Statistics NZ reported Tuesday that the Consumer Price Index increased 1.5 percent for the three months to September to a level 5.1 percent above its level of one year ago.

The increased matched the predictions of most economic analysts.

The full-year CPI increase was the highest since the June 1990 quarter.

Statistics NZ said the biggest factor in the increase was the transport category, jumping 11.3 percent. More than a quarter of the overall CPI increased resulted from higher petrol prices, which jumped 29.3 percent for the period.

Significant increases were also seen in the food category, which rose 9.5 percent and housing/household utilities up 4.7 percent.

Food prices jumped 3.7 percent in the September quarter, led by a 20.0 percent hike in vegetable prices, attributed to unusually wet weather.

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Posted in Categories: Economy, New Zealand, Releases.

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