NZ data - ANZ Monthly Inflation Gauge (January) +1.1% m/m … 'slow grind'

Author: Eamonn Sheridan | Category: News

ANZ's privately produced inflation gauge for New Zealand 

+1.1% m/m in January
  • the largest monthly rise since late 2015
ANZ's 'key points':
details are less striking
  • temporary factors contributed around two thirds of January's monthly rise
  • Looking through monthly volatility, implied quarterly growth from the Gauge is sitting comfortably in a 0.6-0.8% range. Annual growth ticked down from 2.3% to 2.2% (the lowest annual rate since mid-2017). Notwithstanding the miss in June 2018 (the largest miss since 2010), the Gauge has given an accurate read on non-tradable inflation for the last two CPI prints
  • Overall, prices are rising in a gradual yet unspectacular fashion on the back of previous strength in the economy. We expect non-tradable inflation will nudge higher in the short term, but then dissipate. 
  • Broad-based inflationary pressure is still largely missing, outside of housing
(bolding mine … the headline does indeed look dramatic but ANZ says No)

By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose