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NZ Q3 CPI Release

NZ Q3 CPI Release

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 +0.5% / +1.9% Consensus 0.4% / +1.8%

Non-tradables CPI +0.7% / +2.6% versus previous quarter
Tradables CPI +0.2% / +1.0% versus previous quarter

CPI 10% Trimmed Mean came in at +0.5% for Q3 and +2.0% for the last 12 months.

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

There were no revisions to prior period numbers.

Higher petrol prices and tax rises on tobacco helped lift inflation. House-related prices also contributed to the higher inflation rate.

The NZD is jumped higher in immediate response.

Current indicative levels are:

NZDUSD 0.7175 / 0.7200
NZDAUD 0.9140 / 0.9165
NZDEUR 0.6080 / 0.6105
NZDGBP 0.5410 / 0.5435
NZDJPY 80.50 / 80.75

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