New Zealand July Business Confidence -3.8% (prior -0.6%) & Activity Outlook 26.3 (prior 31.6%)

New Zealand ANZ business survey for July

Business Confidence drops again, down 3.8%

• prior -0.6%

Activity Outlook drops to 26.3%

• prior 31.6%

ANZ remarks on price pressures in the economy:

• Costs continue to rise, pricing intentions remain extremely high, and inflation expectations continue to lift. The latter hit 3.33% in the late-month sample, suggesting further increases may be in store.