New Zealand Annual Inflation Falls Unexpectedly

20 January 2012 - Which Way to Pay

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Annual Inflation Falls Unexpectedly

In the December quarter of 2011 New Zealandís annual inflation fell unexpectedly according to Statistics New Zealand. The latest national consumer price index fell 0.3% to be 1.8% higher than a year ago, the first decline in two years. The price was well below the 0.4 % rise expected as economists predicted the annual pace of inflation to be 2.6 %. The drop was largely credited to a 25% decreased in the price of vegetables but a 3.6% price decrease in telecommunications services  as well as more retail discounts contributing to the lowering of consumer prices.  As food prices dropped, the central bank had plenty of leeway to keep interest rates at a record low. Transportation costs continued to rise, with a 5.8 % increase seen in international air travel with higher travel and petrol prices. HSBC Bank Australian and New Zealand chief economist Paul Bloxham said, ďThere is no getting around the fact that inflation is well contained in New Zealand. The underlying measures are now around the middle of the Reserve Bank of New Zealandís target band.Ē

These figures will ease some pressure as the Reserve Bank can set aside domestic price issues and leave them able to focus their attention on the global effects of the Eurozone debt crisis. Continued worldwide uncertainties have caused economists to say that Europeís economy will fall into recession this year, eroding global growth.

 

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