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MNI BRIEF: NZ Business Pricing Intentions Elevated But Easing

MNI (Perth)

The Reserve Bank of New Zealand has seen further evidence of persistent inflation four weeks out from its next meeting, with price pressures remaining "intense" for New Zealand businesses, according to the latest ANZ New Zealand Business Outlook, released on Wednesday.

While pricing intentions fell to 64.5 in October from 68 in September, indicating that a net 65% of firms surveyed intend to raise prices over the next three months, they are easing only gradually and remain at elevated levels. Cost expectations dipped to 88.6 from 89.8. Despite the lower pricing intentions, one-year inflation expectations as measured by the survey rose to 6.13% from 5.98% in September.

Overall, business confidence fell 6 points to -43 in October, while the gauge of expected own activity outlook fell to -2.5 from -1.8.

The RBNZ is expected to consider raising its Official Cash Rate by a hawkish 75bp points to 4.25% at its November 23 meeting. (See MNI BRIEF: CPI Shock May Push 75bp Hike On To RBNZ Radar)

Robert covers RBA and RBNZ policy and the economy for MNI in Australia.
Robert covers RBA and RBNZ policy and the economy for MNI in Australia.

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