ONLY CHARTS #129

NZ CPI, Canada CPI

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1. New Zealand’s Q2 CPI rose +0.4% q/q and 3.3% y/y. This was in line with market expectations (+0.4% q/q, +3.4% y/y) and a bit below our forecast of +0.55% q/q. The RBNZ’s May MPS had +0.6% q/q pencilled in.

Weaker-than-expected tradables inflation accounted for all of the downside surprise relative to our and the RBNZ’s forecasts. Non-tradables inflation was a touch higher than expected by us and the Bank but remained on a gradual moderating trend (see below).

The seasonally adjusted CPI rose +0.55% q/q.