NZ monthly inflation gauge (ANZ) + 0.5% m/m on July (prior +0.3%)
Official CPI data is once a quarter from New Zealand
The monthly ANZ survey gauge fills in the blanks. The data release today is for July, so the first indication for Q3.
Comes in at
- +0.5% m/m
- +2.8% y/y
This'll be supportive for NZD at the margin, reducing the chance of further easing from the RBNZ (all else being equal …. which it never is of course).
- we think domestic inflationary pressures are near their their peak
- annual inflation should fall in the next year given weaker economic growth and more spare capacity