Consumer prices in New Zealand increased by 2.2% year-on-year in the third quarter of 2024, as reported by Statistics New Zealand on Wednesday. This figure aligns with forecasts and shows a decline from the 3.3% growth observed in the previous quarter.
The period saw significant price increases in several areas: housing rentals rose by 4.5%, local authority rates and payments surged by 12.2%, and prices for cigarettes and tobacco jumped by 10.0%.
Conversely, these increases were partially offset by reductions in other areas, with petrol prices dropping by 8.0% and vegetable prices decreasing by 17.9%.
On a seasonally adjusted basis, quarterly inflation rose by 0.6%, falling short of the projected 0.7% but showing an increase from the 0.4% rise in the preceding quarter.
