23 Oct 2014

Inflation steady at 1 percent

11:47 am on 23 October 2014

Inflation rose a less-than-expected 0.3 percent in the September quarter, taking the annual rate to 1 percent, which is at the very bottom of the Reserve Bank's target range.

It is the third quarter in a row of 0.3 percent increases and higher housing-related prices accounted for about three-quarters of the latest increase.

Overall, prices for housing and household utilities climbed 1 percent with local government rates jumping 3.8 percent.

Rents were up point 0.6 percent and the prices of newly built houses rose 1.1 percent.

The Government statistician said, otherwise, inflation is relatively subdued.