RBNZ's own inflation measure for Q1 2024 is +4.3% y/y (vs. prior +4.7%)

Earlier today we had the official CPI data from NZ:

• New Zealand Q1 CPI comes in at +4.0% y/y (vs. 4.0% expected)
• New Zealand CPI response: ASB forecast first RBNZ rate cut in February 2025, from Nov 2024

Now this from the Reserve Bank of New Zealand:

The Bank on its own model:

• We created the sectoral factor model. It estimates the common component of inflation in the CPI basket, the tradable basket, and the non-tradable basket, based upon separate factors for the tradable and non-tradable sectors. The data excludes GST.