{"id":27754,"date":"2024-04-17T09:24:02","date_gmt":"2024-04-17T09:24:02","guid":{"rendered":"https:\/\/www.xtrememarkets.com\/?p=27754"},"modified":"2024-04-17T09:24:02","modified_gmt":"2024-04-17T09:24:02","slug":"march-inflation-exceeds-rbnz-forecasts-rent-prices-hit-record-high-since-1999","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/march-inflation-exceeds-rbnz-forecasts-rent-prices-hit-record-high-since-1999\/","title":{"rendered":"March Inflation Exceeds RBNZ Forecasts, Rent Prices Hit Record High Since 1999"},"content":{"rendered":"

March Inflation Exceeds RBNZ Forecasts, Rent Prices Hit Record High Since 1999<\/strong><\/h1>\n

New Zealand\u2019s annual inflation rate decreased to 4% in March from 4.7% in December, even as costs for rents, house construction, and council rates continued to rise, according to Statistics NZ. The Consumer Price Index (CPI) saw a marginal increase of 0.6% in the March quarter, slightly up from the previous quarter\u2019s 0.5% rise, marking the smallest quarterly increase since June 2021. Despite the decrease, inflation remains above the Reserve Bank of New Zealand\u2019s (RBNZ) target range of 1% to 3%.<\/span><\/p>\n

Statistics NZ reported that annual inflation exceeded RBNZ\u2019s expectations, which had predicted a reduction to 3.8%. Predictions by various banks also showed expectations of higher inflation, with Westpac and Kiwibank anticipating a 4.2% rise, ASB forecasting 4.1%, ANZ expecting 4%, and BNZ the lowest at 3.9%.<\/span><\/p>\n

The primary factors contributing to the rise in the headline inflation figure for March were higher housing and household utility costs. Rents increased by 4.7% over the past 12 months, surpassing the 4.5% increase recorded in the previous year. Additionally, house construction costs and council rates rose by 3.3% and 9.8%, respectively, with rent prices recording the highest increase since the series began in September 1999.<\/span><\/p>\n

Recreation and culture also significantly impacted the annual headline inflation figure, driven by a surge in accommodation costs and expenses related to events, cinema tickets, and subscriptions. Accommodation prices jumped by 20.8% over the year, a steep rise from the 6% increase in December. Cultural services costs rose by 9.7% in March.<\/span><\/p>\n

Alcohol and tobacco were another major contributor to annual inflation, with alcoholic beverages increasing by 5% and cigarettes and tobacco by 10.4%. The average price for a packet of 25 cigarettes reached $54.27 in March 2024, with a single cigarette costing $2.17, up from 93 cents a decade ago.<\/span><\/p>\n

Domestically driven inflation, or non-tradable inflation, was recorded at 5.8% for the March quarter, higher than the RBNZ\u2019s forecast of 5.3%. This was attributed to increased costs in rent, construction, and tobacco. Tradable inflation, largely influenced by imported goods like petrol, was reported at 1.6%, slightly above the forecast of 1.5%.<\/span><\/p>\n

Significant increases were also seen in hospital services, which rose by 13.5%, and insurance, up by 14% since March 2023. Food prices increased by 2.4% annually, a decrease from 5.7% in the previous quarter.<\/span><\/p>\n

The RBNZ has responded to the high inflation by raising rates since October 2021, with the Official Cash Rate (OCR) currently at 5.50%. It is anticipated that headline inflation will fall below 3% by September this year. Following the latest data, ASB suggested that the RBNZ might delay rate cuts until February 2025 due to persistent domestically-generated inflation, reinforcing the central bank\u2019s cautious approach to monetary policy.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

March Inflation Exceeds RBNZ Forecasts, Rent Prices Hit Record High Since 1999 New Zealand\u2019s annual inflation rate decreased to 4% in March from 4.7% in December, even as costs for rents, house construction, and council rates continued to rise, according to Statistics NZ. The Consumer Price Index (CPI) saw a marginal increase of 0.6% in<\/p>\n... continue reading<\/a>.","protected":false},"author":1,"featured_media":27755,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[227,265,538,182,158,374,201],"yoast_head":"\r\nMarch Inflation Exceeds RBNZ Forecasts, Rent Prices Hit Record High<\/title>\r\n<meta name=\"description\" content=\"New Zealand\u2019s annual inflation rate decreased to 4% in March from 4.7% in December, even as costs for rents, house construction .\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/US\/march-inflation-exceeds-rbnz-forecasts-rent-prices-hit-record-high-since-1999\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"March Inflation Exceeds RBNZ Forecasts, Rent Prices Hit Record High\" \/>\r\n<meta 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