New Zealand CPI rose 2.2% qoq in Q3, well above expectation of 1.6% qoq. Annual inflation slowed from 7.3% yoy to 7.2% yoy, but beat expectation of 6.6% yoy.
The quarterly rise in prices was mainly influenced by the food group and the housing and household utilities group. Vegetable prices rose 24% during the quarter, largest since the the series began in 1999.
The main driver for annual inflation was housing and household utilities due to rising prices for construction, rentals for housing, and local authority rates.
