The RBNZ's quarterly survey of household inflation expectations showed that consumers were no longer anticipating quicker price growth across the forecast horizon. Median perceptions of current inflation as well as 1-year and 2-year out inflation expectations stayed unchanged in the third quarter, while respective means slipped. Both median and mean values of inflation expectations for 5 years ahead fell.
- In other news, the net share of households expecting higher house prices halved to 15.8%. The median of entries for expected 1-year out house price inflation stayed at zero, while the mean value fell to +1.1% Y/Y.
- Worth noting that the latest REINZ House Price Index report released Thursday showed that the median property price fell across New Zealand in July, which was "the first decrease in annual median price movement for New Zealand overall since July 2011."
- The full summary of the RBNZ's Q3 survey of household expectations cane be found here. It is one of the final data signals ahead of the Reserve Bank's monetary policy review next week.