July 17, 2024 02:39 GMT
MNI BRIEF: NZ CPI Prints Lower Than Expected At 3.3% Y/y
(MNI) Melbourne
New Zealand’s headline consumers price index fell to 3.3% y/y in Q2, from 4% in Q1, 30 basis points lower than the Reserve Bank of New Zealand’s May forecasts.
CPI grew at 0.4% q/q. The annual non-tradable inflation rate printed at 5.4% y/y, down from Q1’s 5.8%. Stats NZ noted the quarterly rise in headline CPI was due to housing (rents +1.2% q/q & 4.8% y/y) and utilities (electricity 3% q/q).
MNI reported recently conditions could be favourable for a rate cut following Q3 CPI data. (See MNI: RBNZ Cuts Incoming, Ex Staffers Question OCR Predictions)
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