Consumer prices in New Zealand rose 0.4 percent year-on-year in the June quarter of 2016, the same as in the previous period and lower than market expectations of a 0.5 percent increase. Prices went up for newly built houses, excluding land and rentals for housing while lower prices for transport made the main downward contribution.
Housing-related prices continued to be the main upward contributor, up 3.3 percent in the year. This increase was influenced by higher cost for newly built houses, excluding land (up 5.6 percent), and rentals for housing (up 2.3 percent).
In contrast, transport prices declined 5.3 percent as prices for petrol and domestic air fares fell.
On a monthly basis, consumer prices also rose 0.4 percent, following a 0.2 percent gain in the March 2016 quarter. Higher petrol and housing-related prices were countered by lower prices for meat and domestic air fares. Petrol prices showed the largest upward contribution, up 5.3 percent.
7/18/2016 12:25:55 AM