NZ: Monthly Inflation Gauge up 0.3% in August – ANZ

Sandeep Kanihama FXStreet Contributor

New Zealand’s ANZ Monthly Inflation Gauge was up 0.3% m/m in August, supported by transport, accommodation services, and housing-related components, notes the research team at ANZ.

Key Quotes

“Annual inflation in the Gauge ticked up to 2.9%, suggesting that recent strength in domestic non-tradable inflation is holding up and implying some upside risk to our near-term inflation forecast.”

“On a rolling 3-monthly basis, the Gauge rose 0.9% q/q from 0.6% in July. Annual growth ticked up further to 2.9% from 2.8%, increasing above Stats NZ’s 2.8% y/y figure for Q2 non-tradable inflation. Excluding housing-related prices, the Gauge rose 0.2% m/m, leaving annual growth unchanged at 1.1%.”

“Monthly inflation prints so far suggest some upside risk to our current Q3 nontradable pick of 0.7% q/q (2.7% y/y). That said, weaker economic growth and more spare capacity should see price pressures fade over the next year.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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