New Zealand CPI for Q2: 0.6% q/q (expected 0.6%)

Inflation data from NZ for the April to June quarter of 2019

0.6% q/q, in line

• expected 0.6%, prior 0.1%

1.7% y/y, in line and within the RBNZ target band for the 11th consecutive quarter( RBNZ target is 1 to 3%)

• expected 1.7%, prior 1.5%

Tradables

• rose 0.9 percent in the June 2019 quarter (1.3 percent fall in the March 2019 quarter)
• increased 0.1 percent in the June 2019 year

Non-tradables

• increased 2.8 percent in the June 2019 year

Underlying inflation

• The trimmed-mean measures - which exclude extreme price movements - ranged from 1.9 percent to 2.1 percent for the year.
• This indicates that underlying inflation is higher than the 1.7 percent overall increase in CPI.
• On a quarterly basis, trimmed means ranged from 0.6 percent to 0.7 percent.

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For background on this data and for a heads up on the further NZ inflation data due today from NZ:

• NZD traders - heads up for inflation data due Tuesday NZ time

And, for further background:

• New Zealand inflation data due today - preview