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New Zealand CPI Eases to 3.7%
New Zealand's inflation cooled to 3.7% but remains above central bank target as election looms.
In brief
New Zealand's inflation cooled to 3.7% but remains above central bank target as election looms. New Zealand's third-quarter CPI rose 3.7% year-on-year, below forecasts but still above the Reserve Bank of New Zealand's 1% to 3% target range. Originally reported by BigGo Finance.
Third-Quarter CPI Data
Statistics New Zealand reported third-quarter CPI rose 3.7% year-on-year, below second quarter's 4.1% and market expectations of 3.8%.
Quarterly Inflation Rate
CPI rose 0.7% quarter-on-quarter, below economists' forecast of 0.8%.
Inflation Above Target
Inflation remains above the Reserve Bank of New Zealand's 1% to 3% target range, with gasoline and residential construction costs as main drivers.
Currency Reaction
New Zealand dollar fell to 0.5692 against the US dollar after the data release.
Election Timing
With just over two weeks until the November 7 general election, inflation and cost of living are central campaign issues.
Economists' Warning
Some economists warn fourth-quarter annual CPI could exceed 4.5% due to Middle East tensions pushing up fuel costs.
At a glance
New Zealand's third-quarter CPI rose 3.7% year-on-year, below forecasts but still above the Reserve Bank of New Zealand's 1% to 3% target range.
