By David Winning
SYDNEY--New Zealand's consumer prices rose by less than expected in the first three months of this year, giving the country's central bank more latitude to join global counterparts which have either cut interest rates or are considering doing so.
Consumer prices rose by 0.6% in the first quarter of this year, and by 4.0% from the same period a year earlier, Stats NZ said Wednesday. Both measures were weaker than economists had forecast.
The 4.0% increase follows an annual rise of 4.7% in the fourth quarter and was the smallest annual increase in the CPI since June 2021. While that trend is likely to comfort the Reserve Bank of New Zealand, inflation remains above the central bank's target band of 1-3%.
Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
04-16-24 1909ET
