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January CPI Components Rise On The Month

NEW ZEALAND

The monthly CPI components released for January all rose on the month. Food prices increased 0.9% in January, the first monthly increase since August driven by grocery prices. They were up 4% y/y, which was the lowest since November 2021 though. An increase in tobacco excise duty saw cigarettes and tobacco rise 6.4% m/m to be up 10.3% y/y, which may add to Q1 CPI. Rents rose a robust 2.5% m/m as increased immigration has increased housing demand. Moves in February will be watched closely for an indication of how Q1 CPI developed.

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