NZ monthly inflation gauge (ANZ) + 0.5% m/m on July (prior +0.3%)


Official CPI data is once a quarter from New Zealand 

The monthly ANZ survey gauge fills in the blanks. The data release today is for July, so the first indication for Q3.

Comes in at 

This’ll be supportive for NZD at the margin, reducing the chance of further easing from the RBNZ (all else being equal …. which it never is of course). 

ANZ comments:

  • we think domestic inflationary pressures are near their their peak
  • annual inflation should fall in the next year given weaker economic growth and more spare capacity

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