New Zealand inflation data for the January - March quarter of 2024

New Zealand CPI

+0.6% q/q

  • expected 0.6%, prior +0.5%

4.0% y/y, lowest since 2021 and still way above RBNZ target

  • expected 4.0%, prior 4.7%

The non-tradeable component is +1.6% q/q and +5.8% y/y


As a ps. Newswires published the q/q initially at +6.8% q/q. Which is far beyond the realms of the likely. I mean, that'd be a gazillion sigma event or something. So, yeah, you may have seen +6.8% reported via various sources that, um, didn't really think that through. Hair-trigger social media (and other media!) has its dangers. A wee bit of circumspection helps.

The data agenda ahead has a few items of note from Australia.