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NEW ZEALAND: Bank views on today's NZ CPI:
- Westpac: The dip in annual inflation is likely to be a temporary one. The
lower New Zealand dollar over the last year will eventually give a boost to
tradables prices, and the comparison with prices a year ago will favour a higher
inflation rate over the next few quarters. That said, we don't expect inflation
to make it into the upper half of the 1-3% target range any time soon.