NZ: Monthly Inflation Gauge fell 0.1% in December - ANZ

Liz Kendall, senior economist at ANZ, points out that New Zealand economy’s ANZ Monthly Inflation Gauge fell 0.1% m/m (+2.3% y/y) in December.

Key Quotes

“Housing-related prices provided most of the lift; rents were the largest single contributor. Rents and purchase of housing (third-highest contribution overall) together contributed 0.17%pts.”

“Over the December quarter the Gauge rose 0.7% q/q, with housing-related price pressures, stretched accommodation services, and some other small price increases offsetting the marked fall in domestic air travel prices.”

“Looking through the noise, we’re left with a non-tradable inflation pulse that is meandering along, and which doesn’t look set to take off any time soon. CPI for Q4 will be released on 23 January, with our preview due out later this week.”

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