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Statistics New Zealand released its consumer price inflation data on late Sunday evening. Consumer prices in New Zealand increased 0.2% in the first quarter, exceeding expectations for a 0.1% rise, after a 0.5% drop in the fourth quarter.
The increase in consumer price inflation was driven by higher prices for cigarettes, food, and housing-related costs.
On a yearly basis, consumer price inflation increased 0.4% in the first quarter, in line with forecasts, after a 0.1% gain in the fourth quarter. It was the weakest rise since 1999.
The rise was mainly driven by higher housing-related prices, which climbed 3.0% year-on-year in the first quarter.
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