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New Zealand inflation soars to 21-year high
New Zealand inflation accelerated more than expected in the second quarter, on prices of fuel, food and power, increasing the prospects that the central bank will raise interest rates later this year to cool a resurgent economy. The consumer price index rose 1 per cent in the three months ended June 30, pushing the annual rate to a 21-year high 5.3 per cent, according to Statistics New Zealand. That outpaced the 0.8 per cent quarterly and 5.1 per cent annual rate forecast by economists in a Reuters survey and is faster than the Reserve Bank had been expecting. The CPI figures come after gross domestic product grew ... (full story)
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