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MNI BRIEF: RBNZ Inflation Fears Fall Short, 50bp On Radar

MNI (PERTH)
(MNI) Perth
Policy NewsCentral Bank NewsRBNZAPACNew ZealandBriefStoryRegion

Evidence that inflation isn't accelerating as the Reserve Bank of New Zealand had forecast has dented the odds of a 75bp hike at its February 22 meeting, with a 50bp increase seen as a certainty given inflation remains well above target.

The Consumers Price Index rose at a 1.4% q/q and 7.2% y/y pace in Q4, StatsNZ said, falling shy of the 7.5% forecast in the central bank's November Monetary Policy Statement. While well above the RBNZ's 1-3% inflation target, there was some relief as the trimmed mean fell to 6.1% y/y from 6.4% y/y previously, while non-tradables inflation steadied at 6.6% y/y.

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Evidence that inflation isn't accelerating as the Reserve Bank of New Zealand had forecast has dented the odds of a 75bp hike at its February 22 meeting, with a 50bp increase seen as a certainty given inflation remains well above target.

The Consumers Price Index rose at a 1.4% q/q and 7.2% y/y pace in Q4, StatsNZ said, falling shy of the 7.5% forecast in the central bank's November Monetary Policy Statement. While well above the RBNZ's 1-3% inflation target, there was some relief as the trimmed mean fell to 6.1% y/y from 6.4% y/y previously, while non-tradables inflation steadied at 6.6% y/y.

Keep reading...Show less