Key facts
- New Zealand's annual inflation rate in the second quarter was 4.1% year-on-year.
- The consumer price index increased by 1.5% in the second quarter compared to the prior quarter.
- Analysts had forecast an annual inflation rate of 4.0% and a quarterly rise of 1.4%.
- The Reserve Bank of New Zealand's target inflation range is between 1% and 3%.
New Zealand's annual inflation rate for the second quarter stood at 4.1%, surpassing analysts' expectations and remaining outside the Reserve Bank of New Zealand's (RBNZ) target range of 1% to 3%. The official data released by Statistics New Zealand showed that the consumer price index (CPI) rose by 1.5% from the first quarter. Economists surveyed by Reuters had predicted a 1.4% quarterly increase and an annual rate of 4.0%. The persistent inflation above the central bank's desired level could influence future monetary policy decisions by the RBNZ.