US EditionInflation Predicted to Hit 12-Month High
NEW ZEALAND, JUL 20 – Inflation reached 2.8 percent annually due to rising food and electricity costs, with consumer prices up 0.6 percent in the quarter ending June, analysts said.
- On Monday, Statistics New Zealand reported the CPI rose 0.5 percent in the June quarter, taking annual inflation to 2.7 percent, its highest in a year.
- Surging food, power and housing costs fueled inflation, with high export prices for meat and dairy products lifting local prices.
- The Reserve Bank of New Zealand signalled a probable rate cut in August, even as core inflation eased to 2.6 percent in the year to March 2025.
- Markets now price a 75 percent chance of a 25 basis-point cut in August, and the New Zealand dollar dipped 0.3 percent to US$0.5941 following the data.
- Forecasts from economists anticipate rate cuts in August, November, and early next year to reach 2.5 percent, and Mark Smith said `the spike in inflation was expected to push the annual rate above three percent in the September quarter, but should prove to be temporary`.
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RBNZ Q2 sectoral factor inflation model at 2.8% y/y
SYDNEY (Reuters) -The Reserve Bank of New Zealand (RBNZ) said on Monday its sectoral factor model of core inflation was 2.8% year-on-year in the second quarter, down from 2.9% in the prior quarter. The country’s official statistics agency earlier in the day released figures that showed annual inflation came in at 2.7% in the second quarter, its highest in a year, leading markets to narrow the odds on a rate cut next month given weakness in the b…
Inflation Numbers Expose Govt’s Economic Failure
While Christopher Luxon talks about growth at all costs, New Zealanders across the country are being forced to choose between heating their home or feeding their families, says Green Party Co-leader Chlöe Swarbrick.
·Wellington, New Zealand
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Coverage Details
Total News Sources14
Leaning Left3Leaning Right1Center3Last UpdatedBias Distribution43% Left, 43% Center
Bias Distribution
- 43% of the sources lean Left, 43% of the sources are Center
43% Center
L 43%
C 43%
14%
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