New Zealand Q1 inflation data due at 2245GMT - preview

NZ CPI - inflation in New Zealand for Q1 2021

• CPI expected 0.8% q/q, prior 0.5%
• CPI expected 1.5% y/y, prior 1.4%

Brief comments via BNZ:

• We are in-line with the median market estimate for a 0.8% quarterly increase in headline CPI (RBNZ: +1%), which should keep the annual rate of headline inflation steady at 1.4%. While headline inflation will remain below the RBNZ's 2% midpoint, it's likely to head towards the top of the target range in the coming quarters. Given the RBNZ's pledge to look through temporary influences on inflation, we expect the market to focus as much, if not more, on the core measures, which were clustered around the 2%market in Q4

Speaking of core measures, we'll get the RBNZ's own inflation data later in the session, at 0300GMT following this official release coming up real soon.