The Reserve Bank of New Zealand is not expected to move its cash rate at its policy meeting today.
Earlier:
From Australia is the monthly inflation reading. The monthly CPI data from Australia does not show all components of the CPI, that’ll have to wait for the quarterly data release. The monthly CPI indicator does, however, provide a timelier indication of inflation using the same data collected for use in the quarterly CPI. The monthly reading includes updated prices for between 62 and 73 per cent of the weight of the quarterly CPI basket, its not the full picture. Nevertheless the RBA pays it attention. The full quarterly reading will be on January 31 2024 for the October – December 2023 quarter.
I’ve seen some speculation that the RBA will raise its cash rate at the next meeting, December 5, if today’s reading is high. Not a lot, but some. The rate would have to jump sharply, as the Bank has been waiting for the quarterly reading since it dialled back its hike-every-meeting pace.
I’ve noted data for New Zealand and Australia with text as the similarity of the little flags can sometimes be confusing.