First quarter 2017 inflation data from NZ
1% q/q BEAT
– expected 0.8% q/q, prior 0.4%
2.2% y/y BEAT
– expected 2.0% y/y, prior 1.3%
– That’s a 5-year high (since the September 2011 quarter)
Says Stats NZ: "Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation … Petrol prices in New Zealand are closely linked to global oil prices, and cigarettes and tobacco taxes rise in the March quarter each year"