New Zealand Q3 inflation rises 0.7% from previous quarter, lower than forecast

By Lucy Craymer WELLINGTON, Oct 22 (Reuters) New Zealand s annual inflation slowed in the third quarter, coming in at 3.7% below analysts forecasts ​but remained above the top end ‌of the central bank s target range, official data showed on Thursday. The consumer price index (CPI) rose 0.7% in the third quarter from the second, Statistics New Zealand said. Economists polled ‌by ​Reuters had expected a 3.8% ⁠annual increase and 0.8% ⁠quarterly rise. The Reserve Bank of New Zealand targets annual inflation between 1% and 3% over the medium term. The New Zealand dollar dipped to $0.5692 ​after the data came in below forecasts. Statistics New Zealand said the largest contributor to inflation ⁠was petrol prices, even though ⁠prices had eased since the June ​quarter. It noted that the cost of building houses ​had also increased. Inflation has become a key ‌battleground ahead of the close fought November 7 general election, as voters fed up with the sluggish economy and historically