New Zealand'S Inflation Rate In The First Quarter Of This Year Was 0.8%.
New Zealand's first quarter of the year
Consumer prices
The rate of increase was 0.8%, lower than the 1% increase expected by the market, but the impact of the increase in commodity service tax in October last year led to an annual increase of 4.5% in the first quarter of this year, the highest level since the third quarter of 2008.
High oil prices as a driving force
New Zealand
The main factor of price rise in the first quarter of this year was the increase of gasoline and diesel by 9.7% and 15.7% respectively, and the overall price rose by 0.5%, while food prices also rose 1.2%.
However, the price of general circulation goods is quite weak. For example, if the effect of oil price is deducted, the price of higher circulation goods will drop 0.6% in the first quarter of this year.
Economists at ASB bank believe that the fall in the prices of traded goods is affected.
New Zealand dollar exchange rate
The impact of the strong, ANZ bank economists believe that seasonal factors are the reasons for the decline in the prices of traded goods, but also affected by the lack of pricing power of retailers, including clothing, furniture and household appliances prices fell.
Although the industry is unable to pass
Wholesale price
Transferring high cost, but this situation can not be maintained for a long time, so the overall price outlook of New Zealand is worrisome. High oil prices are expected to increase 0.4% in the second quarter of this year, and the prices of electricity and other products have already seen a rise. In addition, after the Christchurch earthquake, the rent, insurance rates and construction costs will also be under pressure.
For the current low inflation pressure, ASB bank economists believe that the New Zealand Reserve Bank will give more time to consider raising interest rates.
ANZ bank economists expect inflationary pressure to emerge only after next year's economic recovery.
According to the survey, most New Zealand economists predict that the 2.5% interest rate will remain unchanged until next year.
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