December 8, 2022

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NZ CPI Q2 2021 1.3% q/q (vs. expected 0.8%) and 3.3% y/y (vs. expected 2.8%)

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New Zealand inflation data for Q2 2021 … so hot right now ….

  • CPI surged past expectations, at 1.3% q/q (expected 0.8% q/q, prior 0.8%)
  • CPI 3.3% y/y (expected 2.8% y/y, prior 1.5%)

NZD/USD was marked higher, some brokers as high 0.7030 (over). Like other DM central banks the RBNZ has a dual mandate, the second leg is employment and the latest official data for that is not until August 4 (see below for more on this). Market pricing is already rising for an August 15 (the next RBZ meeting) hike well ahead of that. This data today is cementing it further. 

 more to come  

This is an important piece of data for the RBNZ as posted yesterday:

And, yet to come, at 0300 GMT the Reserve Bank of New Zealand releases their own preferred core inflation measure. 

  • ‘Sectoral Factor Model Inflation Gauge’, the Q1 was 1.9% y/y (see pic below)
  • The RBNZ target band for core inflation is 1-3%

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