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.
Rising prices for two minute noodles and cheddar cheese are complicating the Reserve Bank of New Zealand's fight to bring inflation back to target, as food prices rose at their fastest pace since 2008 in October, according to StatsNZ data released Friday.
Food prices rose at a 10.1% y/y pace in October as grocery prices rose 9.7%, with two-minute noodles and cheddar cheese called out by StatsNZ as the largest drivers of the increase. Fruit and vegetable prices rose 17%, while meat and poultry prices increased 8.7%. Food prices rose 0.8% m/m, up from 0.4% m/m in September. The monthly price rise was broad-based, with increases in 125 of the 162 items measured by StatNZ, up from 80 items at the same time last year -- cheddar cheese and eggs rose 6.8% and 7.4% respectively.
The RBNZ meets on November 23 and, with inflationary pressures lingering, may consider a 75bp hike. (See MNI BRIEF: CPI Shock May Push 75bp Hike On To RBNZ Radar)
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.