ANZ's ANZ Monthly Inflation Gauge.......>

NEW ZEALAND: ANZ's ANZ Monthly Inflation Gauge fell 0.3% m/m in April,

representing a third consecutive fall. The annual increase now stands at 2.6%

versus 3.0% last month.

- ANZ note that "the monthly decline was driven largely by seasonally lower

prices for accommodation services and domestic air transport, with some offset

from higher rents and vehicle insurance premiums. Inflationary pressures outside

of housing remain elusive, with the Underlying Ex-housing Gauge also down 0.3%

m/m to be up just 0.8% y/y."

- The release of the private metric comes in front of today RBNZ inflation exp.

survey & Thursday's RBNZ MonPol decision.

- Ahead of Thursday's MonPol decision Westpac's Dominick Stephens notes that

"the outlook for inflation is weak, while employment is roughly at its maximum

sustainable level."