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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
July monthly prices, which account for around 40% of the CPI basket, were mixed with most showing lower or steady inflation rates except food which picked up. Rental and petrol inflation also moderated. The data are a good start to Q3 and though food picked up, food inflation remains low. The RBNZ revised down its Q3 CPI expectations to 2.3% y/y.
- Food prices rose 0.4% m/m bringing the annual rate up to +0.6% y/y from -0.3% and ex fresh fruit & veg it eased to 2.0% y/y from 2.3%. Grocery inflation moderated in the month too.
- Petrol prices fell for the third straight month bringing the annual rate down to 0.6% y/y. Brent crude fell 0.2% m/m in June which was probably felt at the pump in July. July crude prices rose 1.4% m/m but eased to 4.9% y/y from 10.6%. They are lower in August to date.
- Annual rents are easing slightly with existing rents moderating to 4.3% y/y from 4.5%, while new rents fell for the third straight month, they were stable at 2.5% y/y.
- Accommodation services fell sharply on the month to be down 4.5% y/y after +1.1%, while domestic and international air transport saw continued annual deflation.
- Alcohol was steady at 3.7% y/y and tobacco at just over 10%.
NZ monthly CPI y/y%
Source: MNI - Market News/Statistics NZ/Refinitiv
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.
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