New Zealand annual inflation registers 1.8%

14:12, July 16, 2010      

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The consumers price index (CPI) rose 0.3 percent for the second quarter this year, Statistics New Zealand said on Friday, which means annual inflation is now running at 1.8 percent.

The inflation numbers are slightly lower than what many had expected, with economists and the Reserve Bank picking 0.5 percent for the quarter -- a 2 percent annual inflation rate.

This follows a 0.4 percent rise in the first quarter, when the CPI annual rate rose 2 percent.

Higher tobacco, transport, and housing prices were partly offset by lower food prices in the latest figures.

Statistics NZ manager Chris Pike said cigarette and tobacco prices rose 8.7 percent, reflecting excise duty increases.

Food prices fell 0.9 percent, reflecting lower prices for meat, poultry, and fish (down 3.3 percent) and fruit and vegetables ( down 2.6 percent).



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