Subj : Annual inflation falls to 4%, lowest in years - Stats NZ
To   : All
From : News
Date : Wed Apr 17 2024 12:38 pm

The annual rate of inflation has continued to fall with Stats NZ figures
showing a 4% rise in the Consumer Price Index (CPI) in 12 months to the March
quarter.

The CPI is an annual measure that reflects changes in the price of goods and
services.

The 4% increase today follows a 4.7% increase in the 12 months to the
December 2023 quarter. Inflation has fallen from a 7.3% peak in June 2022.

Stats NZ consumers prices senior manager Nicola Growden said the price
increases this quarter have been the smallest since June 2021.

However, they remain above the Reserve Bank's target range of 1% to 3% and
slightly above the figure expected by the central bank earlier this year.

In February, it forecasted annual inflation would drop to 3.8% in the March
quarter

According to Stats NZ, rising prices for housing and household utilities were
the largest contributors to the inflation rate.

"This was due to rising prices for rent, construction of new houses, and
rates."

The price of rent increased 4.7% in the 12 months to the March 2024 quarter,
while construction of new houses and rates increased 3.3% and 9.8%,
respectively.

"Rent prices are increasing at the highest rate since the series was
introduced in September 1999," Growden said.

The next largest contributor to the annual increase was recreation and
culture, due to rising prices for international accommodation and cultural
services - which includes items like subscription TV, cinema tickets, and zoo
admission.

Prices for international accommodation increased 20.8% in the 12 months to
the March 2024 quarter, following a 6.0% increase in the 12 months to the
December 2023 quarter.

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