New Zealand Q2 CPI 1.1% q/q (vs. expected 1.0%)

Inflation data from New Zealand for the April - June quarter of 2023

Non- tradeables (in a nutshell domestic price pressure):

• +1.3% q/q (vs. Q1 +1.7%) and +6.6% y/y

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Background here:

• New Zealand inflation data is expected to support the RBNZ on-hold monetary policy