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New Zealand CPI rises 0.5% on the quarter

New Zealand CPI rises 0.5% on the quarter

WELLINGTON: The quarterly inflation data from New Zealand saw consumer prices rising 0.5% in the quarter ending September. It was higher than the median estimates of 0.4% and also beat the 0.2% forecast given by the Reserve Bank of New Zealand. The third quarter increase in inflation puts it in line with the RBNZ’s target although the central bank is likely to wait for more evidence that inflation was firming.

Elsewhere, the German wholesale price index data showed a 0.6% increase on the month, beating estimates of 0.4% and doubling from the 0.3% increase in the previous month. The US dollar was seen maintaining its gains on Monday. Looking ahead, the UK’s consumer price index data is due for release today. Economists expect consumer prices in the UK to hit 3% in September, accelerating slightly from the 2.9% increase the month before. The BOE Governor Carney is expected to speak later in the day. From the Eurozone, the final inflation figures for September will be released today. Headline CPI is expected to rise 1.5% while core CPI is expected to rise 1.1% on a yearly basis.