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Quarterly inflation flattens to zero

NZ Newswire logoNZ Newswire 6 days ago

New Zealand's quarterly inflation has flattened out, coming in lower than many predicted.

The consumer price index for the June quarter was 0.0 per cent, Statistics NZ announced on Tuesday.

That meant the annual inflation rate was 1.7 per cent, down from 2.2 per cent in the year to the March 2017 quarter.

"Household basics like rent, food, and electricity all hit consumers' pockets harder this quarter," prices senior manager Jason Attewell said.

"Offsetting these price rises were falls in domestic airfares and petrol prices - which fell on average by 4 cents a litre."

Economists had expected inflation would be 0.2 per cent in the three months ended June 30, for an annual rate of 1.9 per cent, according to the median in a poll of 15 economists surveyed by Bloomberg.

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