New Zealand's annual inflation accelerated in the third quarter, reaching 3.0%, which aligns with analysts' expectations and is at the upper end of the central bank's target range, according to official data released on Monday.
The consumer price index increased by 1.0% in the third quarter compared to the previous quarter, faster than the 0.5% rise in the second quarter but in line with a Reuters poll.
The Reserve Bank of New Zealand (RBNZ) aims for annual inflation to stay between 1% and 3% over the medium term. The RBNZ, which had predicted annual inflation would be 3% for this quarter in its August forecast, recently cut the cash rate by 50 basis points to 2.5%, citing concerns over economic weakness. In its latest review earlier this month, the bank acknowledged that inflation had ticked higher but indicated that, due to spare capacity in the economy, it expected inflation to return to 2% by mid-2026.
ANZ senior economist Miles Workman noted that while high-frequency data and inflation expectations will be key indicators in the lead-up to the November monetary policy statement, inflation does not pose any challenge to the central bank's August forecast. He added that underlying inflation is slowing largely as anticipated.
Annual non-tradable inflation stood at 3.5%, down from 3.7% in the second quarter. The New Zealand dollar remained largely unchanged at $0.5732.
Analysts pointed out that uncertainty surrounding U.S. tariffs and ongoing geopolitical tensions continue to impact inflation expectations and monetary policy decisions. Statistics New Zealand attributed the third-quarter inflation result to increases in electricity prices, rent, and local government taxes. "Annual electricity price rises are the highest since the late 1980s, when major reforms were carried out in the electricity market," said Nicola Growden, a spokesperson for Statistics New Zealand.
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A widening conflict involving Iran, the United States and Israel has triggered escalating military strikes across the Middle East, disrupted shipping through the strategic Strait of Hormuz and raised concerns over global energy supplies. This live report tracks the latest developments.
All six U.S. service members aboard a plane that crashed in western on Iraq on Thursday have died, the U.S. military confirmed on Friday (13 March). Meanwhile, one French soldier was killed in a drone attack in the Erbil region of northern Iraq, President Emmanuel Macron announced.
The treatment of some detainees in Georgia “has arguably reached the threshold of torture”, a probe into the country’s human rights situation backed by 23 OSCE members has found.
Israel and Iran continued to exchange strikes on Friday (13 March), as the U.S. and French militaries reported deaths in Iraq, and the U.N. launched a $325 million appeal to help Lebanon, where a seventh of the population have left their homes since fighting began.
The U.S. should shut down its military bases in the Middle East, Iran's new Supreme Leader Mojtaba Khamenei said on Thursday (12 March). His words were read out by a broadcaster on state Iranian television.
Israeli Prime Minister Benjamin Netanyahu issued veiled threats to Iran’s new Supreme Leader, Mojtaba Khamenei, and Hezbollah on Thursday (12 March), during his first press conference since the conflict with Iran began.
At least 64 people have been killed in southern Ethiopia following recent landslides and floods, the regional government’s communications office said on Thursday (12 March), citing local police
Ayman Ghazali, a 41-year-old U.S. citizen born in Lebanon, crashed his truck into the hallway of a Detroit-area synagogue on Thursday (12 March) while children attended preschool. Security personnel shot him dead during the confrontation, and authorities said no one else was seriously injured.
The prevailing security situation in the region has done little to deter entrepreneurs from the Commonwealth of Independent States (CIS) who continue to view Dubai as a premier and safe location for business.
China has raised the retail prices of petrol and diesel after global oil prices climbed sharply. The country’s top economic planning body, the National Development and Reform Commission (NDRC), announced the move after reviewing international oil market trends.
Global financial markets remained on edge on Friday as the escalating war involving the United States, Israel and Iran continued to rattle investors, fuelling volatility in stocks and sending energy prices sharply higher.
China’s top leadership has unveiled a new push to turn advanced technologies into large-scale industrial priorities as part of the country’s upcoming 15th Five-Year Plan, which will guide economic and social development from 2026 to 2030.
The European Commission sees no immediate impact on the European Union's security of oil supply from the escalating conflict in the Middle East, it said in an email to EU governments, seen by Reuters on Monday (2 March).
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