New Zealand inflation surges at fastest pace in over a decade

Vegetable prices was the second major driver along with transport costs and fuel prices. (File pic shows people shopping at a mall in New Zealand. - Reuters)

WELLINGTON: New Zealand's Consumer Price Index (CPI) rose 2.2% in the third quarter, beating expectations and surging at the fastest pace in over a decade driven by housing-related costs and other supply constraints, data released on Monday showed.

CPI rose 2.2% in the quarter ending September from a rise of 1.3% in the second quarter, the biggest quarterly movement since a 2.3% rise in the December 2010 quarter, Statistics New Zealand said in a statement.