News dalla rete ITA

28 Ottobre 2021

Nuova Zelanda

COST OF LIVING SOARS - NEW INFLATION DATA SHOWS HUGE LEAP IN PRICES

The Consumer Price Index has surged 2.2 per cent in the September 2021 quarter, much more than economists had expected. Excluding quarters impacted by increases to GST rates, the September quarter movement was the highest since the June 1987 quarter, which saw a 3.3 per cent rise, Stats NZ said.Annual inflation was 4.9 per cent in the September 2021 quarter when compared with the September 2020 quarter. This was the biggest annual movement since inflation reached 5.3 per cent between the (GST-affected) June 2010 and June 2011 quarters.The September spike was up from a 1.3 per cent increase in the June quarter (3.3 per cent year on year).Economists had been expecting the Consumer Price Index to land between 1.5 and 1.8 per cent for the September quarter for an annual figure of around 4.4 per cent.The main drivers were housing-related costs, such as the construction of new houses and local authority rates, Stats NZ said. Prices for construction of new houses were up 4.5 per cent for the quarter, and 12 per cent for the year. Wages in the construction industry, as measured by the labour cost index, previously increased 3.1 per cent in the year to the June 2021 quarter (the most recent quarter available). This was due to high demand for labour in the construction industry in the last year.But quarterly price rises were widespread, with 10 of the 11 main groups in the CPI basket (such as food and transport) increasing in the September 2021 quarter compared with the June 2021 quarter.Vegetable prices rose 19 per cent, making it the second largest upwards contributor to inflation. This was influenced by higher prices for tomatoes, lettuce and broccoli.Transport prices rose 4.2 per cent in the September 2021 quarter, due to higher prices for petrol, as well as international and domestic airfares.Petrol prices rose 6.5 per cent in the quarter and 22 per cent for the year. The annual increase is the highest since the September 2007 quarter to 2008 quarter.While the Reserve Bank is expected to continue hiking interest rates, economists believe it will remain cautious while New Zealand adjusts to living with Covid-19. (ICE SYDNEY)


Fonte notizia: NZ Herald 18/10/2021