A miss for this economic indicator, comes in unchanged q/q
- against an expected up 1% and a Q2 read of +1.1%
For the y/y, up 2.7%
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I had noted earlier in the heads up that the rise in fuel prices was a negative for discretionary income (what consumers can spend on good and services after they have bought necessities0 and this has played out. A poor result from the NZ data and it highlights why the RBNZ is moving very cautiously indeed.
NZD is down after the result.
