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By James Glynn

  SYDNEY--Inflation pressures in New Zealand rose to their highest level since mid-2024 in the third quarter, curbing the central bank's ability to cut interest rates much further even as economic activity remains flat. 

  The consumer price index increased by 3.0% from year earlier, with the CPI up 1.0% over the quarter, Stats NZ said Monday. The annual increase followed a 2.7% annual rise in the prior quarter. 

  With inflation now back at the top of the Reserve Bank of New Zealand's 1% to 3% target band, the outlook for interest rates is more clouded. 

  The RBNZ delivered an emergency 50-basis-point cut in interest rates at the start of the month, reacting to a torrent of weak economic data that included a sharp contraction in economic growth in the second quarter. 

  Still, with inflation heating up, more cautious cuts are likely from here, according to economists. 

  The RBNZ has slashed interest rates hard over the last year, but the economy remains weak and unemployment is elevated. 

  The central bank has indicated that more cuts are coming. 

  Economic growth stalled in the second quarter, with national output contracting by 0.9% from the first quarter. Growth was flat in annual terms. 

  The largest contributors to the annual inflation rate in the third quarter were all in the housing and household utilities group, with electricity prices soaring by 11.3% and rents up 2.6%, the data showed. Local authority rates and payments were up 8.8%. 

  The annual increase in electricity prices was the largest since the first quarter of 1989 when they rose 12.8%. Still, the increase in rents was the smallest annual increase in over four years. 

  -Write to James Glynn at james.glynn@wsj.com 

  (END) Dow Jones Newswires

  October 19, 2025 18:32 ET (22:32 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.

In total, the study included 267 patients who were randomly assigned to receive 3 vs 6 cycles of platinum-based chemotherapy followed by maintenance avelumab. Overall, 78% and 40% of patients completed all 3 and 6 cycles, respectively, of allocated treatment.

The average change in quality of life from baseline to cycle 6 was 0 (95% CI, -5.9 to 5.2) in the 3-cycle arm vs -8.5 (95% CI, -14.1 to -2.9) in the 6-cycle arm. The difference between groups was clinically significant, favoring the 3-cycle arm (95% CI, 0.7 to 16.3; P = .016).

Regarding efficacy, there was no significant difference between the 2 groups in terms of overall response rate (ORR). Specifically, the ORR was 24% in the 3-cycle arm vs 27% in the 6-cycle arm. Further, the median progression-free survival was 8.0 months (95% CI, 6.7 to 11.9) in the 3-cycle arm vs 9.0 months (95% CI, 6.9 to 12.7) in the 6-cycle arm. The median overall survival was 18.9 months in both arms (HR, 1.15; 95% CI, 0.72 to 1.86; P = .56).

Grade 3 to 4 treatment-related adverse events were reported in 11.9% of patients in the 3-cycle arm and 15.7% of patients in the 6-cycle arm.

REFERENCE

1. Grande E, Hussain SA, Duran MAC, et al. LBA109 – DISCUS: A phase II study comparing 3 vs 6 cycles of platinum-based chemotherapy prior to maintenance avelumab in advanced urothelial cancer. Presented at: 2025 European Society for Medical Oncology Congress. October 17-21, 2025. Berlin, Germany. LBA109