World News

RBNZ core inflation at 1.7% year-on-year in first quarter, slows from fourth quarter

WELLINGTON (Reuters) – The Reserve Bank of New Zealand (RBNZ) said on Monday that its sectoral factor model of core inflation was 1.7% year-on-year in the first quarter.

The measure was 1.8% in the previous quarter.

The release came after the country’s official statistics agency released figures showing the consumer price index rose 0.8% in the same quarter, up from the previous quarter

Both measures are closely watched by the RBNZ, which has a monetary policy goal of achieving 1 to 3% inflation.

(Reporting by Praveen Menon; Editing by Shri Navaratnam)