Consumer prices rose 1.2% in the March quarter and are up 6.7% over the past year. The March result was below our forecast, and much lower than the RBNZ’s expectation.
New Zealand consumer prices rose 1.2% in the March quarter, with prices up 6.7% over the past 12 months.
Today’s result was lower than forex market expectations, and well below the RBNZ’s forecast for a 1.8% rise.
Annual inflation remains painfully high. However, inflation looks like it has now peaked.
Core inflation, while still high, is not pushing higher.
Today’s result supports our forecast for just one more OCR hike from the RBNZ in May.
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