第一印象：新西兰消费者价格指数，2025年3月季度。3月季度的通货膨胀略强于预期。价格本季度上涨0.9%，去年上涨2.5%。

First Impressions: NZ Consumers Price Index, March Quarter 2025.Inflation was slightly stronger than expected in the March quarter. Prices were up 0.9% over the quarter and 2.5% over the past year.

新西兰消费者价格指数在截至2024年12月的三个月内上涨了0.5%，随后在2025年3月季度比上一季度上涨了0.9%。这是自9月以来的最高读数 2023年，与市场估计的0.7%相比有所增长。季度涨幅最大的因素是汽油价格，上涨4.6%，占总体0.9%涨幅的17%。2025年3月季度，高等教育和其他高等教育的价格飙升了22.6%，占CPI总涨幅的11%。这一跳跃发生在2024年底第一年免费计划结束之后，该计划被2025年1月1日开始的最后一年免费计划所取代。之前申请第一年免学费福利的学生没有资格参加最后一年的计划，导致更多的学生在2025年承担全部学习费用。按年度计算，3月份季度消费者价格上涨2.5%，高于上一季度2.2%的涨幅。

The Consumer Price Index in New Zealand picked up to 0.9% in March quarter of 2025 over the previous quarter following a 0.5% increase in the three month to December 2024. It marked the highest reading since September 2023, compared to market estimates of 0.7% rise. The largest contributor to the quarterly rise was petrol prices, which climbed 4.6%, accounting for 17% of the overall 0.9% increase. Prices for tertiary and other post-school education surged 22.6% in the March 2025 quarter, contributing 11% to the total CPI rise. This jump follows the end of the first-year Fees Free program at the close of 2024, which was replaced by a final-year Fees Free scheme beginning on 1 January 2025. Students who previously claimed the first-year Fees Free benefit are not eligible for the final-year scheme, resulting in more students bearing the full cost of study in 2025. On an annual basis, consumer prices rose 2.5% in the March quarter, up from a 2.2% increase recorded in the previous period.

周四早盘，新西兰股市下跌34点，跌幅0.3%，至12034点，与前一交易日相比停止上涨，受能源、消费必需品和金融板块下跌的影响。第一季度通胀率同比加速至2.5%，为2024年第二季度以来的最高水平，降低了新西兰联储进一步降息的希望，交易员们对此持谨慎态度。新西兰元50指数也追随华尔街隔夜下跌的趋势，在美联储货币政策的不确定性和对新关税导致的通货膨胀加剧的担忧下，华尔街出现了广泛的抛售。早期失败者包括萨默塞特集团（-2.3%）、A2牛奶公司（-1.3%）、接触能量公司（-1.2%）、澳新银行集团（-1.0%）和Infratil公司（-1.0%。市场将于周五因复活节假期休市。本周，该指数将上涨0.1%，这是三周来的首次单周上涨，因为人们希望美国进一步减免关税。

New Zealand's equities dropped by 34 points, or 0.3%, to 12,034 in morning trade on Thursday, halting gains from the previous session, weighed down by losses in energy, consumer staples, and financials. Traders were cautious after the Q1 inflation rate accelerated to 2.5% year-over-year, the highest since Q2 of 2024, dimming hopes of a further interest rate cut by the RBNZ. The NZX 50 also tracked an overnight decline on Wall Street, where a broad sell-off occurred amid uncertainty surrounding the Fed's monetary policy and concerns over higher inflation due to new tariffs. Among the early losers were Summerset Group (-2.3%), A2 Milk (-1.3%), Contact Energy (-1.2%), ANZ Group (-1.0%), and Infratil (-1.0%). The market will be closed on Friday for the Easter holiday. For the week, the index is heading for a 0.1% rise, the first weekly increase in three weeks, amid hopes of further tariff relief from the US.

新西兰的年通货膨胀率从上一季度的2.2%加速到2025年第一季度的2.5%。这意味着自2024年6月以来的最高通胀率，超过了2.3%的市场预期。租金是年度增长的最大贡献者，增长了3.7%，占总体数字的14%，尽管创下了自2021年以来的最小年度增长。地方当局的费率和支付也大幅上涨，同比增长12.2%，对通货膨胀率又贡献了14%。建筑成本上涨1.9%，占总成本的7%。汽油价格下跌有助于抵消一些通胀压力，在2024年12月季度下跌9.2%后，今年下跌了2.8%。按季度计算，消费者价格指数上涨0.9%，高于上一季度的0.5%。

The annual inflation rate in New Zealand accelerated to 2.5% in the first quarter of 2025, from 2.2% in the previous quarter. This pointed to the highest inflation rate since June 2024, exceeding market expectations of 2.3%.Rent was the largest contributor to the annual increase, rising 3.7% and accounting for 14% of the overall figure—despite recording its smallest annual increase since 2021. Local authority rates and payments also rose sharply, up 12.2% over the year, contributing another 14% to the inflation rate. Construction costs increased by 1.9%, adding 7% to the total. Falling petrol prices helped to offset some inflationary pressure, declining 2.8% over the year after a 9.2% drop in the December 2024 quarter. On a quarterly basis, consumer prices rose 0.9%, up from a 0.5% rise in the previous period.