WELLINGTON (Reuters) - New Zealand's terms of trade fell 0.3 percent in the third quarter, official figures showed on Monday, missing analyst expectations of a small gain as rising prices for fuel, the country's key import, outpaced export prices.
Export prices rose 2.3 percent, while imports increased 2.6 percent in the three months to the end of September, according to Statistics New Zealand.
"This reflects higher world prices for fuel and a generally falling New Zealand dollar over the same period," said Statistics New Zealand business prices manager Sarah Johnson.
Petrol prices had risen 6.3 percent in the quarter, to be 54 percent higher than the same period a year ago.
Economists were expecting the index to show 0.1 percent growth, with export prices rising 2.2 percent and imports up 2.4 percent, according to a Reuters poll.
The New Zealand dollar <NZD=D4> edged down to $0.6910 from $0.6920 following the release of the terms of trade figures.
The rising fuel prices could put upward pressure on the country's inflation, which the central bank has been working to stabilise around its target mid-point of 2 percent.
That was unlikely, however, to prompt the Reserve Bank of New Zealand to waver from its determination to keep rates on hold for more than a year as it largely looks through temporary, offshore factors as it works to boost inflation.
(Reporting by Charlotte Greenfield; Editing by Peter Cooney)
