RBNZ’s inflation expectations for Q2 data due today - how it'll impact rate rises ahead

I posted earleir on this data point, due 12 May 2022 at 0300 GMT:

• if expectations take another step higher, even further from 2%, the RBNZ is likely to respond with more determined hikes to their official cash rate

Analysts' previews are brief and to the point.

Westpac:

• Inflation expectations jumped higher in the RBNZ’s March quarter survey of expectations. That jump was a key factor that underpinned the 50bp OCR hike in April.
• The June survey (comes) hot on the heels of the March quarter inflation report, which showed inflation has risen to a 31–year high. There have also been continued reports of strong cost pressures across the economy. With that in mind, we expect the June quarter survey will show a further sharp rise in inflation expectations for near–term horizons (one– and two–years ahead). A result in that vein would support our forecast for another 50bp OCR hike in May

Scotia:

• The RBNZ pays close attention to measures of inflation expectations such as its 1-year and 2- year forward expectations measures that are drawn from a household survey. The Q2 results ... are very likely to push even higher than in Q1 (chart 13). That’s because the survey is conducted in the middle of each quarter and hence the Q1 result would have been surveyed in February before much of the Ukraine war’s effects on commodities came through into March.

This is 'chart 13' referred to by Scotia in their note. Yikes ...