() - Consumer prices in New Zealand were up 4.5 percent on year in the first quarter of 2011, Statistics New Zealand said on Monday.

That was slightly better than forecasts for an increase of 4.6 percent after the inflation rate had come in at 4.0 percent in the previous three months.

On a seasonally adjusted quarterly basis, consumer prices rose 0.8 percent – again exceeding expectations for a 1.0 percent increase following the 2.3 percent jump in the fourth quarter of 2010.

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