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FINWIRES

New Zealand Consumer Price Rise Surpasses Expectations, Westpac Says

-- New Zealand consumer prices rose 0.9% in the March quarter, with the annual inflation rate remaining unchanged at 3.1%, resulting in this quarter's inflation going above the previously anticipated 0.7% rise, Westpac said in a report on Tuesday.

The result also exceeded the Reserve Bank's updated forecast from its April policy update for 3% annual inflation, Westpac NZ senior economist Satish Ranchhod said.

Underpinning the March quarter rise in consumer prices were large increases in some specific areas, including food prices, transport costs, and electricity charges and the tobacco excise tax, along with big rises in vehicle registration and health care costs.

Westpac recently updated its forecasts, assuming annual inflation would peak at 4.3% in the June quarter, before slowing down to 3.9% by the end of the year, but there might be an upside risk given Tuesday's result, per the report.

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