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New Zealand's consumer price index surges 5.6% in September 2023

18 Oct '23

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New Zealand's consumer price index (CPI) increased by 5.6 per cent year-on-year to September 2023, following a 6 per cent increase to June 2023.
The quarterly increase of 1.8 per cent was largely influenced by transport.
The country's non-tradeable and tradeable inflation rates were 6.3 per cent and 4.7 per cent, respectively, in September 2023.

New Zealand's consumer price index (CPI) saw a 5.6 per cent increase in the 12 months leading up to the September 2023 quarter, according to recent data from Stats NZ. This follows a 6 per cent rise in the CPI for the 12 months ending in June 2023.

The CPI witnessed a 1.8 per cent increase in the September 2023 quarter alone, significantly influenced by the transport sector.

The country’s non-tradeable inflation was 6.3 per cent for the 12 months ending in September 2023. On the other hand, tradeable inflation was at 4.7 per cent during the same period. The tradeable inflation rate was notably driven by specific categories of goods, as per Stats NZ.

“Prices are still increasing but are increasing at rates lower than we have seen in the previous few quarters,” said consumers prices senior manager Nicola Growden.

Fibre2Fashion News Desk (DP)

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