New Zealand shares inched up on Monday as New Zealand's annual consumer inflation accelerated 3% in the September quarter, the highest since the June 2024 quarter annual inflation rate of 3.3%.

The S&P/NZX 50 Index inched up 0.4% or 55.75 points to close at 13,344.96.

China's GDP grew 4.8% in the September quarter on an annual basis, slowing from 5.2% in the July quarter. Meanwhile, the US President Donald Trump told reporters that the US could lower tariffs on China in an act of reciprocity.

In domestic news, New Zealand's annual consumer inflation grew 3% in the September quarter from 2.7% in the June quarter, data from StatsNZ showed. The primary drivers of the annual inflation rate were all within the housing and household utilities category, with electricity rising past 11%, rent increasing by 2.6%, and local authority rates and payments climbing by 8.8%.

The modest rise in headline inflation reflected temporary spikes in tradable prices, while key core inflation measures showed ongoing easing, indicating that underlying inflation pressures remain contained despite some volatility, ANZ said. New Zealand's September quarter rise in consumer prices met expectations, was due to an increase in food prices and local council rates, likely to be temporary, Westpac said.

Also, the New Zealand economy is still looking slow, and the Nowcast indicator, which summarizes the trend in economic indicators, points to just 0.2% of growth in economic output in the September quarter, Westpac said in a separate report.

In corporate news, Infratil (NZE:IFT, ASX:IFT) agreed to acquire a 4.92% stake in Contact Energy (NZE:CEN, ASX:CEN) for NZ$437.7 million, taking the company's stake in the energy retailer and generator to 14.3%. The deal will be funded through a NZ$218.8 million existing debt capacity and the issue of NZ$218.8 million of the company's shares at NZ$12.43 apiece. Infratil's shares closed down almost 1% on the New Zealand bourse, while those of Contact rose over 1%.

Meanwhile, NZME (ASX:NZM, NZE:NZM) appointed Jo Hempstead as chief financial officer, effective Jan. 27, 2026. Hempstead will join the company from Warehouse Group, where she currently holds the position of general manager of finance. The company's New Zealand shares closed up almost 1%.

Investore Property (NZE:IPL) shareholders voted in favor of acquiring the Silverdale Center, with 86.4% supporting the resolution at a special meeting held on Monday. The firm's shares fell almost 2% on market close.