New Zealand inflation data
Before the data, did y’all see the little jump higher for NZD/USD just prior (about a minute) to the data release? Sometimes FX is a dirty game 😉
Data:
- non-tradable prices +1.3% q/q and +4.9% y/y
- tradeables -0.2% q/q
That y/y result shows for the first time since March 2021, annual inflation is within the Reserve Bank of New Zealand’s target band of 1 to 3 percent.
Despite still substantial non-tradeable inflation it appears this data will keep the RBNZ cutting cycle on track.