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New Zealand's CPI Inflation Steadies at 2.2% YoY in Q4 Vs. 2.1% Expected
New Zealand's inflation rate remains at 2.2%, which is higher than expected.
New Zealand's inflation rate in the last three months of last year failed to ease and unexpectedly remained above the midpoint of the central bank's target range. Data released by Stats NZ in Wellington on Wednesday showed that the Consumer Price Index (CPI) rose by 2.2% year-on-year in the fourth quarter, consistent with the year-on-year increase in the third quarter. The expected increase from the central bank and economists was 2.1%. The CPI rose by 0.5% quarter-on-quarter, meeting expectations. The inflation rate peaked at 7.3% in 2022, and the last time it was below the central bank's 1-3% target range midpoint of 2% was in the first quarter of 2021. The prolonged period of high interest rates led to the economy falling into a deep downturn last year.
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