New Zealand records smallest annual inflation in 2 years

Wellington [New Zealand], January 24: New Zealand recorded the smallest annual inflation in more than two years, according to the statistics department Stats NZ on Wednesday.
New Zealand's consumers price index (CPI) increased 4.7 percent in the 12 months ending December 2023, following a 5.6-percent increase in the 12 months to the September 2023 quarter, Stats NZ said.
"While this is the smallest annual rise in the CPI in over two years, it remains above the Reserve Bank of New Zealand's target range of 1 to 3 percent," said Nicola Growden, Stats NZ consumers prices senior manager.
Housing and household utilities, the largest contributor to the annual inflation, was mainly driven by higher prices for rent, construction and rates, Growden said.
The next-largest contributor to the CPI increase was food, due to rising prices for ready-to-eat food and confectionery, nuts, and snacks.
New Zealand's food prices are 4.8 percent higher than a year ago, the lowest annual increase since December 2021, Stats NZ said last week.
Quarterly, the CPI rose 0.5 percent in the December 2023 quarter, influenced by higher prices for housing and household utilities, offset by lower prices for food.
"Prices for about one-third of all items in the CPI basket decreased in the December 2023 quarter, the most in over three years," Growden said.
Source: Xinhua