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Antipodean Macro

Only Charts

ONLY CHARTS #612

NZ monthly CPI, US retail trade, US Q2 GDP nowcast

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Antipodean Macro
Jul 17, 2026
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1. Food prices in New Zealand (19% CPI weight) rose +0.6% m/m and +2.5% y/y in June in original terms but declined slightly post seasonal adjustment.

Stronger global food price inflation is likely to flow through to New Zealand’s food prices with a short lag.

2. Kiwi food prices rose +0.4% q/q in Q2 in original terms…

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