New Zealand Inflation Rate Mom

New Zealand's Consumer Price Index rose 0.5% quarter-on-quarter in the three months to June 2025, easing from a 0.9% increase in the previous quarter and falling short of market expectations of 0.6%. The largest contributor to the quarterly increase was cultural services, which jumped 9.5%, largely due to higher prices for TV streaming subscriptions. This category accounted for 25.8% of the overall CPI rise. Electricity prices also climbed 4.9%, contributing 24.7%, while vegetable prices surged 10%, adding 20.4% to the total increase. These gains were partially offset by declining fuel and accommodation costs. Petrol prices fell 4.8%, exerting a -31.7% drag on the index, while domestic accommodation services dropped 9.2%, contributing -11.1%. On an annual basis, CPI rose 2.7% in the June quarter, slightly higher than the 2.5% increase recorded in the previous period.