ONLY CHARTS is available to paid subscribers.
A 7-day free trial is available below. Group discounts are available here.
Antipodean Macro’s in-depth research is available here.
1. New Zealand’s Q2 CPI inflation was +1.5% q/q and +4.1% y/y.
This was slightly higher than our nowcast of +1.4% q/q and +4.0% y/y. The RBNZ’s updated nowcast was +3.9% y/y.
Petrol and other automotive fuels contributed nearly 1ppt to quarterly headline inflation as expected.
Non-tradables inflation was in line with our estimate despite a much stronger than expected increase in new housing purchase (+1.6% q/q).
Property maintenance material prices also rose a strong +2.4% q/q, pointing to pass-through of higher construction materials costs emanating from the Middle East conflict.
Overall home ownership contributed +0.15ppts to quarterly headline inflation in original terms. Household energy added a further +0.14ppts as expected.
Our measure of quarterly trimmed mean inflation declined a little in Q2 and suggested that underlying inflation remained contained, though was above the 2% target mid-point (see below).
Keep reading with a 7-day free trial
Subscribe to Antipodean Macro to keep reading this post and get 7 days of free access to the full post archives.