NZ Q2 CPI Release

NZ Q2 CPI Release

The NZ Consumer Price Index (CPI) for Q2 has just been released.

The CPI came in slightly lower than expected.

NZ CPI Q2/Annual:

Headline Q2 CPI +0.4% / +1.5% Consensus 0.5% / +1.6%

Non-tradables CPI +0.4% / +0.9% versus previous quarter
Tradables CPI +0.3% / +0.1% versus previous quarter

CPI 10% Trimmed Mean came in at +0.6% for Q2

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

There were no revisions to prior period numbers.

Higher petrol prices and tax rises on tobacco helped lift inflation.

The NZD is little changed in immediate response.

Current indicative levels are:

NZDUSD 0.6760 / 0.6790
NZDAUD 0.9120 / 0.9140
NZDEUR 0.5760 / 0.5790
NZDGBP 0.5100 / 0.5130
NZDJPY 75.850 / 76.25

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