WELLINGTON, Jan 13 (NNN-XINHUA) – A forecast tool of New Zealand’s annual inflation, showed it has risen to a new high of more than 7.8 percent.
The official inflation figure will be published later this month. However, the result released recently, by the inflation-tracking tool, developed by researchers at Massey University, will possibly prompt the Reserve Bank to further hike up the interest rate.
New Zealand’s annual inflation was 7.2 percent for the Sept quarter last year, according to the statistics department, Stats NZ.
Christoph Schumacher of Massey University, who co-developed the inflation-tracker said, the annual inflation is estimated to reach at least 7.8 percent for the past Dec quarter, with Stats NZ updates to be released on Jan 25.
The tool analyses the trend based on collected data from bank card transaction volumes, freight movements at New Zealand’s major ports and other economic activities of major e-commerce websites.
The inflation tracker complements the official Consumer Price Index updates, published quarterly, to support the central bank monetary policymaking, researchers said, adding, live pricing data from supermarkets will be incorporated in the tool later this year.
“It will get better every month,” Schumacher said.– NNN-XINHUA
