CPI data shocks NZ market – but was not as high as many feared
The consumer price index (CPI) lifted to an annual 7.2% in the September quarter, versus 7.3% in the prior period. It was largely driven by housing and household utilities, which went up 8.7%.
Non-tradeable inflation – which measures goods and services that do not face foreign competition, lifted 6.6% in the September quarter – the highest since the series kicked off in June 2000.
“It was a bit of a shock,” Devon Funds head of retail Greg Smith told BusinessDesk. “Not too many people saw that coming.”
He said while the vast majority of forecasts had a six in it, a seven hadn’t been considered by many and the 7.2% hike took investors by surprise.
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