ONLY CHARTS #107
NZ inflation, NZ housing prices & listings, NZ job ads US PPI, RBA GDP forecast errors
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1. Food prices in New Zealand declined 0.1% m/m in May in seasonally adjusted terms, but this followed a +0.6% m/m rise in April.
Looking through the monthly volatility, food prices have been falling in 3m/3m terms, largely due to lower prices for ‘fresh’ categories, particularly fruit & vegetables.
In contrast, annualised price rises in 3m/3m terms for groceries (+3.4%), non-alcoholic beverages (+9.2%) and eating out (+5.3%) all remained strong.
In non-seasonally adjusted terms, food is likely to be a minimal contributor to New Zealand’s Q2 headline CPI inflation, even if there is a strong rise in the month of June.
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