The NZ Consumer Price Index (CPI) for Q3 has just been released.
The CPI came in higher than expected.
NZ CPI Q3/Annual:
Headline Q3 CPI +0.7% / +1.5% Consensus 0.6% / +1.4%
Non-tradables CPI +1.1% / +3.2% versus previous quarter / year
Tradables CPI +0.1% / +0.7% versus previous quarter / year
The non-tradables group is a barometer of domestic inflation.
Housing and household utilities (especially property rates) are the primary driver for the stronger inflation figures,
along with higher meat, poultry, and fish prices.
Q2 CPI remains at +0.6%/1.7%.
This CPI print is higher than the quarter-on-quarter +0.5% as forecast by the RBNZ.
The NZD is higher in immediate response.
Current indicative levels are:
NZDUSD 0.6305 / 0.6330
NZDAUD 0.9340 / 0.9365
NZDEUR 0.5715 / 0.5640
NZDGBP 0.4935 / 0.4960
NZDJPY 68.60 / 68.985
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