New Zealand food price index for June +1.2% m/m (prior +0.7%)

Food price inflation still on the up, even more strongly, in New Zealand.

• The Food Price Index (FPI) is a m/m indicator that measures the change in the cost of food, and food services, purchased by New Zealand households.

The Reserve Bank of New Zealand is battling rapidly rising inflation, they will be announcing their next rate hike at 0200 GMT today:

• Reserve Bank of New Zealand rate hike decision coming today, +50bp the consensus estimate

• Economic calendar in Asia - Chinese trade data and the RBNZ interest rate announcement

• ANZ now forecast the RBNZ will hike 50bps in both July and August (previously 50 then 25)
• Poll shows the consensus for a 50bp interest rate hike from the RBNZ next week
• "Preview": Reserve Bank of New Zealand expected to raise its official cash rate 50bps
• Risk for NZD at today's RBNZ meeting is lowering of the OCR peak - Credit Agricole