Consumer Price Index lower than expected

The NZ Consumer Price Index (CPI) for Q1 2015 has just been released.

The CPI came in lower than expected.

NZ CPI Q1/Annual:

Headline Q1 CPI -0.3% / +0.1% Consensus -0.2% / +0.1%

Non-tradables CPI +1.1% / +2.3% versus previous quarter
Tradables CPI -2.2% / -2.8% versus previous quarter

CPI 10% Trimmed Mean came in at -0.3% for Q1 and +0.2% for the last 12 months.

The non-tradables group is a barometer of domestic inflation.

The NZD is slightly lower in immediate response.

Current indicative levels are:

NZDUSD 0.7680 / 0.7705
NZDAUD 0.9840 / 0.9875
NZDEUR 0.7115 / 0.7140
NZDGBP 0.5130 / 0.5155
NZDJPY 91.35 / 91.60

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