New Zealand Q3 CPI 0.6% q/q (expected 0.7%) & 2.2% y/y (expected 2.2%)

New Zealand inflation data

Before the data, did y’all see the little jump higher for NZD/USD just prior (about a minute) to the data release? Sometimes FX is a dirty game 😉

Data:

• non-tradable prices +1.3% q/q and +4.9% y/y

• tradeables -0.2% q/q

That y/y result shows for the first time since March 2021, annual inflation is within the Reserve Bank of New Zealand’s target band of 1 to 3 percent.

Despite still substantial non-tradeable inflation it appears this data will keep the RBNZ cutting cycle on track.

This article was written by Eamonn Sheridan at www.forexlive.com.