New Zealand: Inflation inches down in Q3
Consumer prices rebounded and increased 0.67% in Q3 2020 over the previous quarter as the economy bounced on easing restrictions. The result came in below market expectations of a 0.9% quarter-on-quarter rise and contrasted Q2’s 0.48% decrease, which had represented sharpest rate of contraction in four-and-a-half years. In terms of specific categories, fruit and vegetables, private transport supplies and services and property rates and related services recorded quarter-on-quarter increases in prices.
Meanwhile, inflation dipped from 1.5% in Q2 to 1.4% in Q3, moving further below the Central Bank’s 2.0% target.