New Zealand Q3 CPI 2.2% q/q (vs. expected 1.4% q/q)

NZ inflation data for the third quarter, July to September, of 2021.

2.2% q/q, much higher than expected and a big surge from the previous quarter 

• expected 1.4% q/q, prior 1.3%  
• Excluding quarters impacted by increases to GST rates, the September quarter movement was the highest since the June 1987 quarter
  

CPI 4.9% y/y ditto on higher than expected and from Q2. Highest in a decade. 

• expected 4.1% y/y, prior 3.3%

Comments from StatsNZ:

• The quarterly price rises were widespread
• 10 of the 11 main groups in the CPI basket increasing
• main drivers were housing-related costs

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Later in the NZ day will be the Reserve Bank of New Zealand's own measure of inflation

• RBNZ's Sectoral Factor Model of core inflation, in Q2 this registered at a 12-year high of 2.2% y/y
• This is due at 0200 GMT

October 18, 2021 at 09:45AM

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