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VIEW: ANZ: Inflation Rotation

RBNZ

ANZ note that “headline inflation appears to be peaking, both in New Zealand and around the world.”

  • “However, with the inflation pulse rotating away from goods and towards sticky services prices, central banks’ inflation fight is not over yet.”
  • “The feedback loop between a tight labour market and rising services inflation will be a key determinant of how high the RBNZ (and other central banks) will lift interest rates, and when and if they will be able to then reduce them over the next few years.”
  • “We continue to see the RBNZ hiking the OCR to a peak of 5.25% by May 2023, and holding it there until at least the end of 2024. But the tight labour market and uncertain cyclone impacts represent upside risks to the outlook for both inflation and the OCR.”
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBulletMarketsFixed Income BulletsForeign Exchange Bullets

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