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The inflation of New Zealand hits the lowest level since the last 14 years

July 2013, 17
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Inflation Low of New-Zealand

The yearly inflation of New Zealand is at its lowest level since the last 14 years. This factor has given scope for the Central Bank of New Zealand to maintain the interest rates at record lows. This helps the country to manage the slowdown of the country’s economy in major sectors.

As per an agreement with the government, the Reserve Bank of New Zealand is required to focus on maintaining the average inflation of the economy near 2%. It was given an option of maintaining the difference band between one percent and three percent. To boost the crisis driven economy, the central bank has held the cash rate at 2.5% for the last one year.

New Zealand Prices Manager Chris Pike said that the annual increase of inflation was the lowest since 1999. It was also fourth annual rise in a row which is below 1%.

The demand for housing in New Zealand’s two largest cities, Christchurch and Auckland, has helped in increasing the house prices. Without the chance of interest rise in immediate future, the central bank maintained concern over the boom in housing-activity. In overall, it has resulted increase in the prices of household and housing utilities like electricity and many others.

The demand for houses in Auckland is due to the expansion of population in that area. In Christchurch, several people are waiting for the houses to be constructed which were destroyed in the 2010 earthquake. 

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