Domestic inflation rises at fastest annual pace in eight years

Domestic inflation rises at fastest annual pace in eight years
Rebecca Howard
Consumer prices rose in the September quarter as housing costs spurred the largest annual increase in non-tradeable, or domestic, inflation in eight years. The consumers price index increased 0.7 percent in the September quarter, bringing the annual rate of inflation to 1.5 percent, down from 1.7 percent in June, Stats NZ said. Economists had tipped consumer prices to lift 0.6 percent in the three-month period, for an annual increase of 1.4 percent, according to the median estimate from a poll by Bloomberg. The Reserve Bank of New Zealand...

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NZIER's Shadow Board predicts RBNZ will hold, with one exception
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The New Zealand Institute of Economic Research’s Shadow Board expects the Reserve Bank of NZ to hold the official cash rate at 5.5% for another year, although one member did call for a hike this week. “While inflation pressures are still high and the labour market remains strong,...

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Economy

Core Crown tax revenue higher than expected in May accounts

Government tax intake is $1.57 billion higher than forecast, according to the latest Crown accounts.Treasury released the interim financial statements for the 11 months ended May 31 on Wednesday morning, which showed core Crown tax revenue was $111.12b.This was 1.4% more than the...

Staff reporters 04 Jul 2024