NEW ZEALAND
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Consumer Prices Rise 2.8% in ‘94: For the quarter ended Dec. 31, prices rose 1.2%, the government statistician said, and mortgage rates rose 10.4%. Excluding credit services, the annual rise in consumer prices was 2.3%. Mortgage rates have risen to 11% from 7.4% last May. Excluding all housing costs, consumer prices rose 1.6% in 1994. The Reserve Bank of New Zealand said its measure of underlying inflation rose 0.6% for the quarter, for an annual increase of 1.5%. The underlying rate excludes volatile items such as mortgage rates, tax changes and sharp changes in commodity prices.
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