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.
Indian police detained more than 2,000 protesters in Delhi on Saturday as authorities blocked a planned demonstration calling for the resignation o...
A powerful explosion has been reported at King Khalid International Airport in Riyadh, raising fresh concerns over aviation security in Saudi Arabi...
At least 12 people, including three children, have been killed in a Russian attack on the Ukrainian city of Zaporizhzhia, a day after U.S. Presiden...
Leaders of countries from the Commonwealth of Independent States (CIS) have agreed to hold coordinated population censuses around 2030. They took the decision at the CIS Council of Heads of State meeting in Awaza, Turkmenistan on Friday, media reported.
Britain and Israel have reached a temporary compromise over the future of the British Consulate General in East Jerusalem, easing a diplomatic dispute that had threatened to further strain relations between the two countries.
A powerful explosion has been reported at King Khalid International Airport in Riyadh, raising fresh concerns over aviation security in Saudi Arabia as tensions across the region continue to escalate.
South African judge Navanethem “Navi” Pillay won the Nobel Peace Prize on Friday “for her efforts to promote peace and international law,” the Norwegian Nobel Committee said.
The U.S. has imposed sanctions on the International Criminal Court (ICC) on Friday (9 October) escalating tensions with European allies and potentially targeting companies that provide services to the tribunal. The move came hours after former ICC judge Navi Pillay won the Nobel Peace Prize.
Uzbekistan and Russia have a portfolio of more than 200 joint projects worth almost $6 billion, as the two countries continue to expand regional and business ties. The projects were discussed during the third meeting of the Council of Regions of Russia and Uzbekistan, held in Fergana, Uzbekistan.
In the marshlands of Malluba in southern Azerbaijan, Kamil Mammadov follows a routine that has been passed down through generations. His family has worked with medicinal leeches for centuries, harvesting and breeding a species known as Hirudo orientalis, or the Caucasian medicinal leech.
Baku is hosting the second Azerbaijan International Investment Forum (AIIF 2026) and it’s attracting more interest this year, Azerbaijan’s Deputy Prime Minister told AnewZ. “The agenda is very impressive. More guests, more interest,” he said.
Warren Buffett has stepped down as chairman of Berkshire Hathaway, marking the end of one of the most influential leadership tenures in corporate history and completing a succession process that has been years in the making.
Nigerian billionaire Aliko Dangote launched Africa's biggest-ever share sale on Monday, opening the oil refinery that has remade the country's fuel market to public ownership for the first time.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment