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HiFX Data Update - NZ Q4 CPI Release

The NZ Consumer Price Index (CPI) for Q4 has just been released.

The CPI came in higher than forecast.

NZ CPI Q4/Annual:

Headline Q4 CPI +0.1% / +1.9% Consensus 0.0% / +1.8%

Non-tradables CPI +0.7% / +2.7% versus previous quarter / year
Tradables CPI -0.4% / +0.9% versus previous quarter / year

The non-tradables group is a barometer of domestic inflation.

Lower petrol prices, and cheaper vegetables are the primary driver for the weakening inflation figures. Q3 CPI remains at +0.9%/1.9%.

The NZD is higher in immediate response.

Current indicative levels are:

NZDUSD 0.6730 / 0.6755
NZDAUD 0.9460 / 0.9485
NZDEUR 0.5925 / 0.5950
NZDGBP 0.5195 / 0.5220
NZDJPY 73.65 / 73.90

ends

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