Inflation & Prices
New Zealand Inflation Slows More Than Expected to 3-Year Low
- Annual CPI rate falls to 3.3% from 4% in previous quarter
- Three main banks now see RBNZ rate cuts starting sooner
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New Zealand inflation slowed more than forecast to its weakest in three years in the second quarter even as domestic price pressures persisted.
The annual inflation rate fell to 3.3% from 4% in the first quarter, Statistics New Zealand said Wednesday in Wellington. Economists expected 3.4% while the Reserve Bank had forecast 3.6%. Consumer prices advanced 0.4% from three months earlier, less than the 0.5% estimate of economists.