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New Zealand Consumer Prices Spike 7.3% On Year In Q2
(RTTNews) - Consumer prices in New Zealand jumped 7.3 percent on year in the second quarter of 2022, Statistics New Zealand said on Monday - touching a 32-year high.
That exceeded expectations for an increase of 7.1 percent and was up from 6.9 percent in the first quarter.
On a seasonally adjusted quarterly basis, consumer prices climbed 1.6 percent - again topping forecasts for 1.5 percent but slowing from 1.8 percent in the three months prior.
Unadjusted, inflation was up 1.7 percent on quarter.
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New Zealand Holds Key Rate As Expected
The Reserve Bank of New Zealand left its benchmark interest rate unchanged on Wednesday citing elevated level of uncertainty and near-term risks to inflation. The Monetary Policy Committee, governed by Christian Hawkesby, decided to hold the Official Cash Rate at 3.25 percent. The bank has paused the easing cycle for the first time since it started cutting rates in August 2024.
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