The Reserve Bank of New Zealand 'Sectoral Factor Model Inflation Gauge'
- Q1 was 2.0% (revised up from)1.9% y/y
- The RBNZ target band for core inflation is 1-3%
Earlier today we got the official inflation data for Q2:
- NZ CPI Q2 2021 1.3% q/q (vs. expected 0.8%) and 3.3% y/y (vs. expected 2.8%)
- Another New Zealand bank forecasts an August rate hike from the RBNZ
- ANZ on the RBNZ cash rate hike cycle ahead, on track for 1.75% by the end of 2022
NZD/USD has traded up after the CPI data earlier in the session and is making a renewed push higher after this RBNZ data release.
