The Reserve Bank of New Zealand (RBNZ) released its consumer price inflation data on late Wednesday. Consumer prices in New Zealand rose 0.4% in the second quarter, missing expectations for a 0.6% gain, after a 0.3% decline in the first quarter.

On a yearly basis, consumer price inflation increased 0.3% in the second quarter, missing forecasts of the 0.4% rise, after a 0.1% gain in the first quarter.

Consumer prices slightly rose but remained below the central bank's target range of 1%-3% as prices for petrol and for international airfares remained low.

The increase in consumer price inflation was driven by higher cigarettes and tobacco prices, caused by the rise in excise duty in January.