The Reserve Bank of New Zealand (RBNZ) released its Sectoral Factor Model Inflation gauge for the third quarter of 2023 on Tuesday.
The inflation data arrived at 5.2% YoY in Q3 2023, dropping sharply from a 5.7% print recorded in Q2.
The official data published by the New Zealand Statistics (Stats NZ) early Tuesday, New Zealand’s Consumer Price Index (CPI) rose 5.6% YoY in Q3, much lower than the expected 5.9% increase in the reported period. In the second quarter, the country’s CPI rose 6.0%.
Both measures are closely watched by the RBNZ.
About the RBNZ Sectoral Factor Model Inflation
The Reserve Bank of New Zealand has a set of models that produce core inflation estimates. The sectoral factor model estimates a measure of core inflation based on co-movements - the extent to which individual price series move together. It takes a sectoral approach, estimating core inflation based on two sets of prices: prices of tradable items, which are either imported or exposed to international competition, and prices of non-tradable items, which are those produced domestically and not facing competition from imports.
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