Inflation in New Zealand drops to its lowest level in nearly 3 years.

Data released late Tuesday night by the New Zealand Statistics Office showed that quarterly inflation data in the country for the third quarter of 2024 was negative.

According to the data, the New Zealand Consumer Price Index slowed to 2.2% year-on-year in the third quarter of the current year, which is the lowest level for the index since the first quarter of 2021, after inflation in New Zealand had grown to 3.3% in the second quarter.

On a quarterly basis, the growth in the Consumer Price Index in New Zealand accelerated by 0.6% in the third quarter, compared to the second quarter of the same year, which was below market expectations of a growth rate of 0.7%, after the inflation reading in New Zealand for the previous quarter was 0.4%.

It is worth noting that this index measures the change in the prices of goods and services from the perspective of consumers in New Zealand, reflecting changes in the prices of a basket of goods and services and indicating household spending trends within New Zealand, and inflation typically has a strong impact on currency trading.