With inflation at 2.2% – the lowest in more than three years – things in the country just might be heading in the right direction.
New Zealand’s consumers price index increased 2.2% in the September 2024 quarter, compared with the September 2023 quarter, according to figures released by Stats NZ.
The 2.2% annual increase follows a 3.3% annual increase in the June 2024 quarter.
“For the first time since March 2021, annual inflation is within the Reserve Bank of New Zealand’s target band of 1 to 3 percent. Prices are still rising, but not as much as previously recorded,” consumer prices manager Nicola Growden said.
Higher rent prices was the biggest contributor to the annual inflation rate, up 4.5 percent. Almost a fifth of the 2.2 percent annual increase in the CPI was due to rent prices.
Of the five broad regions measured, rent prices in the South Island excluding Canterbury had the biggest annual increase, up 6.% . Wellington had the smallest annual increase, up 2.% .
Also partly offsetting the annual CPI increase was lower prices for vegetables, falling 17.9 percent. This decrease follows high prices for potatoes, kūmara, and onions last year.
The consumers price index rose 0.6% in the September 2024 quarter, compared with the June 2024 quarter.
