The Reserve Bank of New Zealand (RBNZ) released its Sectoral Factor Model Inflation gauge for the fourth quarter of 2022 this Wednesday.
The gauge climbed further to 5.8% YoY in Q4 2022 vs. 5.6% seen in Q3.
In early Asia, New Zealand’s Consumer Price Index (CPI) rose by 1.4% QoQ in the fourth quarter, beating expectations of a 1.3% increase. Meanwhile, the annualized inflation steadied at 7.2% but bettered estimates of 7.1%.
At the time of writing, the Kiwi is trading at 0.6489, down 0.20% on the day.
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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