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Consumer prices in New Zealand climbed 1.7 percent on year in the third quarter, Statistics New Zealand said on Thursday, marking the slowest rise in five and a half years. That was higher than forecasts for a 1.1 percent annual expansion following the 1.9 percent increase in the previous three months.
Transport prices fell 5.5 percent on year with lower prices for petrol (down 19.0 percent), international air transport (down 15.1 percent), and diesel (down 38.8 percent).
Food prices increased 5.4 percent, accounting for well over half of the CPI annual increase. Electricity prices rose 4.5 percent and local authority rates rose 6.6 percent.
On a quarterly basis, inflation was up 1.3 percent versus expectations for a 0.8 percent increase after the 0.6 percent gain in the second quarter.
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