CPI data from NZ for the October - December quarter of 2022.
Inflation data comes in higher than expected for the quarter and the year.
NZD/USD pops higher.
The result keeps the RBNZ well and truly in aggressive hiking mode.
Non-tradeable inflation was 6.6% y/y (1.5% q/q)
- driven by higher prices for the construction of a new house
Non-tradeable inflation measures goods and services that do not face foreign competition, and is an indicator of domestic demand and supply conditions. However, the inputs of these goods and services can be influenced by foreign competition.
Tradeable inflation was 8.2% y/y
- driven by higher prices for international airfares
Tradeable inflation measures goods and services that are influenced by foreign markets