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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World NZ inflation tame, no rush to raise rates Reuters - Monday, October 18 Send IM Story Print * Annual inflation slows to 1.5 pct from 1.8 pct in Q2 * Annual non-tradable prices rise 2.5 percent on year ago * Interest rates seen on hold till early next year By Mantik Kustjanto WELLINGTON, Oct 18 - New Zealand's annual inflation slowed to the lowest in more than six years last quarter, adding signs to an uneven economic recovery and reinforcing expectations that interest rates are unlikely to rise for some months yet. This is likely to be the low point for the consumer price index as higher sales taxes and government charges are expected to drive inflation sharply higher in coming quarters. The Reserve Bank of New Zealand has said it will discount this policy-driven spike in inflation when it comes to interest rates, provided it does not feed through into inflation expectations more generally. "Inflation was a bit higher than what the central bank expected but not enough to alarm," said Robin Clements, a senior economist at UBS. "Still, this is the calm before the storm as we know rising taxes and the like will push inflation a lot higher from here," he added. "The RBNZ is counting on very little of that flowing through to inflation expectations. They may prove correct, but we're more sceptical." <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For a breakdown of consumer price index [ID:nWEL004189] To read the instant view on CPI [ID:nSGE69D052] To read a story on PMI services [ID:nSGE69E00S] For a graphic on CPI, non-tradeables CPI, official cash rates http://link.reuters.com/hyx78p ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> The New Zealand dollar <NZD=D4> was unmoved by the data, holding about $0.7540/50 before tracking the Australian dollar lower to $0.7525/35 in mid afternoon, while interest rate futures <0#NBB:> were also unchanged. The kiwi has risen almost 9 percent since September, sitting near a two-year high as worries about more money printing weighed on the U.S. currency. The consumer price index rose 1.1 percent in July-September, the sharpest in four quarters, and was 1.5 percent higher than a year earlier, Statistics New Zealand data showed on Monday. The annual rise was the lowest since March 2004. Economists polled by Reuters had forecast a rise of 1.0 percent for the quarter and a 1.5 percent annual rate. The Reserve Bank of New Zealand forecast a quarterly rise of 0.9 percent and an annual rate of 1.4 percent. The bank is required to keep inflation within a 1-3 percent target band on average over the medium term. The RBNZ left its cash rate unchanged at 3.0 percent last month and downgraded its economic outlook, saying future rate rises would come at a slower pace than earlier expected. [ID:nSGE68F00F] Financial markets have slashed their expectations over the scale and speed of hikes, with analysts now seeing little chance of a move before March, if then. [NZ/POLL] TAXES AND CHARGES The rise in consumer prices was driven by a 2.4 percent increase in food prices. Other increases include utility following higher electricity prices and also alcoholic and tobacco prices due to excise duty increase. Higher local government charges such as rates for property, which usually occur at this time of the year, also boosted prices. The non-tradables component of the CPI, a key barometer of domestic inflation, which includes electricity, house rentals and property prices, rose 1.2 percent in the quarter for an annual rise of 2.5 percent. Inflation is expected to spike to around 5 percent in June next year due to a rise in sales taxes, and government charges. So far firms also seem to be looking past the tax hike amid a stuttering recovery. The National Bank of NZ's September business survey showed inflation expectations for the year ahead easing to 2.94 percent, from 3.08 percent in August. [ID:nWEL004180] The recovery has been tepid as households reduce their debt, spend less and save more, while businesses are cautious about reinvestment and also focus on trimming debt. The housing market has also cooled after the government introduced new measures to tighten tax loopholes for investment properties and as home loans become more expensive. 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