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Following the release of New Zealand’s September price indicators our preliminary estimate for Q3 headline CPI inflation is around the RBNZ’s estimate of +0.9% q/q and +3% y/y.
1. Food prices in New Zealand (18.8% CPI weight) fell 0.4% m/m in original terms in September (-0.1% m/m seasonally adjusted). Monthly food inflation has moderated noticeably in recent months.
2. Food prices rose +1.75% q/q in Q3 (original terms) and are set to contribute a little more than 0.3ppts to quarterly headline CPI inflation.
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