While food prices are viewed as non-core, they do make up just under 20% of the CPI in NZ.
Unchanged m/m
- +0.5% y/y
The NZD appreciation post-RBNZ (April Monetary Policy Review) was impressive against the USD but less so against rising AUD. Its up better against other crosses though. The RBNZ review removed a potential (though minor) risk factor.
