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On the back of today's NZ Q4 CPI........>

NEW ZEALAND
NEW ZEALAND: On the back of today's NZ Q4 CPI print, ANZ write "CPI increased
0.1% q/q in Q4 - below the 0.2% q/q rise incorporated in the RBNZ's November MPS
but slightly above market expectations. Annual inflation was stable at 1.9% y/y.
Weakness in CPI inflation was driven by tradable prices (-0.4% q/q), while
more-persistent non-tradable inflation (+0.7% q/q) was solid. We think a case
can nonetheless be made for a cautious tone from the RBNZ in February,
reflecting a softer growth outlook and global risks. But today's data will
likely temper the overall change in tone versus November."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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