NZ inflation hits 18-year high

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WELLINGTON, Oct 21 (AFP): The New Zealand economy, already trapped in recession, suffered further negative news today with the release of official figures showing annual inflation at an 18-year high of 5.1 per cent.
Statistics New Zealand said that for the September quarter the consumer price index jumped 1.5 per cent, pushed up by petrol, housing and electricity costs.
Other major contributors included food and rates.
The latest figures follow a 1.6-per cent increase in the second quarter, which took the annual inflation rate at that time to 4.0 per cent.
The inflation rate is well above the central bank's target of 1.0-3.0 per cent over the medium term.
Higher prices for petrol, up 29.3 per cent, accounted for just over a quarter of the 5.1 per cent increase in the annual inflation rate, Statistics New Zealand said. The annual rate had not been higher since 1990, it said.