New Zealand's consumer price index (CPI) rose 0.8% in the first quarter compared to 0.5% in the previous quarter, beating analyst and central bank estimates, data released on Monday showed.
Annual inflation was at 2.5% compared to 1.9% in the previous year period, the highest since the September 2011 quarter, Statistics New Zealand said in a statement. Economists polled by Reuters had forecast an inflation of 0.4% for the quarter, with an annual rise of 2.1%.
In its February monetary policy statement, the Reserve Bank of New Zealand forecast a 0.5% rise in quarterly CPI.
The CPI data rose due to rising prices for cigarettes and rents for housing, the statement said.
The data in this quarter was not impacted much by the one-month lockdown enforced in New Zealand at the end of March to stop the spread of the coronavirus, it added.
(Reporting by Praveen Menon; Editing by Cynthia Osterman)
