ONLY CHARTS #310
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1. New Zealand’s Q1 CPI inflation was +0.9% q/q and +2.5% y/y (+0.93% unrounded).
This was a little above our expectation for +0.85% q/q and the RBNZ’s February MPS forecast of +0.8% q/q and +2.4% y/y.
A +22.6% q/q rise in tertiary and other post-school education prices, contributing 0.1ppts to quarterly headline inflation, accounted for all of the miss vis-a-vis our nowcast.
StatsNZ noted that “[s]tudents who have already claimed first-year Fees Free are ineligible to claim final-year Fees Free, meaning more students are paying the full study cost in 2025“.
In seasonally adjusted terms, the CPI also rose +0.9% q/q in Q1.
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