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New Zealand's main gauges of inflation, the consumers price index (CPI) rose by 0.3 percent in the third consecutive quarter ending September, which brought the annual CPI increase to 1 percent, the government statistics agency announced Thursday.
With the annual CPI rate at the bottom end of the Reserve Bank of New Zealand's (RBNZ) 1-percent to 3-percent target range, analysts forecast the central bank would hold interest rates till later next year.
The ASB Bank said in an Economic Note that it had changed its forecast that the RBNZ would resume hiking in the official cash rate, which has risen from 2.5 percent to 3.5 percent this year, from March next year to September and for the rate to peak at 4 percent rather than earlier forecasts of 4.5 percent.
"Higher housing-related prices were responsible for about three- quarters of the rise in the CPI this quarter. The rest of the basket was relatively subdued," prices manager Chris Pike from Statistics New Zealand said in a statement.
Prices for housing and household utilities rose 1 percent in the September quarter, reflecting higher local authority taxes (up 3.8 percent), housing rentals (up 0.6 percent) and newly built houses (up 1.1 percent).
A 1.3-percent drop in prices for household contents and services reflected falls for textiles, furniture and whiteware, while communication prices fell by 1.4 percent and food prices were largely flat.
Transport prices were up 0.1 percent, with petrol prices up 1.0 percent and international air fares up 1.4 percent.
The Council of Trade Unions (CTU) said the low inflation rate meant it was a good time to negotiate pay rises.
"Productivity has been rising for several years, but hasn't been recognized in pay increases," CTU economist Bill Rosenberg said in a statement.
"At an annual increase of 1 percent overall inflation is lower than expected and almost 80 percent of that is housing and energy costs. The Reserve Bank should be considering lowering interest rates rather than raising them."
