The NZ Consumer Price Index (CPI) for Q3 has just been released.
The CPI came in higher than expected.
NZ CPI Q3/Annual:
Headline Q3 CPI +0.9% / +1.9% Consensus 0.7% / +1.7%
Non-tradables CPI +0.8% /
+2.6% versus previous quarter
Tradables CPI +0.9% versus previous quarter
The non-tradables group is a barometer of domestic inflation.
Petrol prices are the primary culprit for the higher inflation figures. They have increased 19% in the past 12 months, driven by a weaker NZD$, higher oil prices, plus the Auckland regional fuel tax.
The NZD is sharply higher in immediate response.
Current indicative levels are:
NZDUSD 0.6580 / 0.6605
NZDAUD 0.9220 / 0.9245
NZDEUR 0.5675/ 0.5700
NZDGBP 0.4995 / 0.5020
NZDJPY 73.55 / 73.80