Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
New Zealand food prices rose 12.1% y/y in March 2023, with grocery costs increasing 14% and fresh produce climbing 22%.
The annual average change increased from February’s 12%, while m/m actual prices rose 0.8% in March, down from February’s 1.5% rise, according to Stats NZ. The Reserve Bank of New Zealand will monitor food prices as it aims to lower inflation back to its 1-3% target. Stats NZ’s most recent CPI read in December 2022 showed inflation steady at 7.2%, down form June’s 7.3% peak (See: MNI BRIEF: RBNZ Inflation Fears Fall Short, 50bp On Radar).
In its recent policy decision, the Reserve surprised with a 50bp hike to 5.25%, noting demand continued to outpace the economy’s supply capacity, maintaining pressure on annual inflation (See: MNI BRIEF: RBNZ Surprises With 50bp Hike to 5.25%).
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.