Overall consumer prices in New Zealand advanced a seasonally adjusted 0.8 percent on quarter in the first three months of 2020, Statistics New Zealand said on Monday.
That exceeded expectations for an increase of 0.4 percent and was up from 0.5 percent in the three months prior.
Individually, alcoholic beverages and tobacco rose 5.0 percent on quarter, influenced by higher prices for cigarettes and tobacco (up 11 percent). Food prices rose 2.0 percent, influenced by a rise in grocery food prices (up 2.1 percent).
Housing and household utilities rose 0.9 percent, influenced by higher prices for rentals for housing (up 1.2 percent). Transport fell 1.7 percent, influenced by lower prices for passenger transport services (down 6.0 percent).
On a yearly basis, consumer prices jumped 2.5 percent - again coming in above forecasts for 2.1 percent and up from 1.9 percent in the previous three months.
Individually, housing and household utilities increased 3.3 percent, with rentals for housing up 3.7 percent. Food prices increased 3.3 percent, with grocery food up 3.0 percent. Alcoholic beverages and tobacco increased 5.1 percent, with cigarettes and tobacco up 11.2 percent.
Tradables rose 0.1 percent in the March 2020 quarter. Price rises in grocery food and fruit and vegetables were partly offset by falls in passenger transport services and private transport supplies and services.
In the year to March 2020, tradables increased 1.5 percent, with higher prices for private transport supplies and services; meat, poultry, and fish; and grocery food.
Non-tradables rose 1.4 percent in the March 2020 quarter, mainly driven by higher prices for cigarettes and tobacco, rents, and purchase of housing. Lower prices for telecommunication services partly offset the rise.
In the year to March 2020, non-tradables increased 3.4 percent. Higher prices for rents, cigarettes and tobacco, and restaurant meals and ready-to-eat food made the largest contributions.
The trimmed-mean measures - which exclude extreme price movements - ranged from 2.6 percent to 2.7 percent for the year.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155478/
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