Inflation NZ

New Zealand's consumer prices rose at their fastest pace in over three decades, beating forecasts and raising the prospect of an unprecedented interest...

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New Zealand has given Australia a foretaste of what to expect from the June quarter consumer price index data tomorrow week with a bigger rise than forecast ...

Australia’s core inflation was 3.7%. The New Zealand government on Sunday moved to ease some of the inflationary pressures by extending the duration of cuts to the fuel excise tax, road user charges and public transport fares. Westpac forecast the RBNZ Reserve will reveal “a fourth 50 basis point hike at the time of the August policy review,” and then ease to successive 0.25% rises to leave the cash rate at 3.5% by the end of 2022. As a result of the higher-than-expected rise in the NZ CPI, economists there are looking for more big interest rate hikes from the Reserve Bank of NZ after rises of 0.5% from the last three monetary policy meetings. Statistics NZ reported annual inflation jumped to a higher-than-expected 7.3% during the three months to the end of June from the 6.9% reading in the three months to March. That is still well under the 9.1% reported in the US last week for June and the 9.1% rate in the UK in May.

The NZD/USD price popped to the highest point since July 8th as investors reflected the strong New Zealand consumer inflation data.

If this happens, the next key level to watch will be at 0.6300. This view will be confirmed if it manages to move above the resistance at 0.6216. A move below the support at 0.6160 will invalidate the bullish view. It is approaching the important resistance point at 0.6216, which was the lowest point in May of this year. It managed to move above the upper side of the descending channel, which is shown in blue. The NZD to USD price continued its recovery process as investors reacted to the latest New Zealand inflation data. The NZD/USD price popped to the highest point since July 8th as investors reflected the strong New Zealand consumer inflation data. It was the biggest increase since 1990 and was also significantly higher than the median estimate of 7.1%.

As New Zealand once again faces record high inflation, National and ACT say the government needs to lower spending, reduce regulatory bottlenecks and cut ...

"If we were able to take all the petrol and diesel cars off the roads, and replace them with electric vehicles, actually New Zealand's economy would be far less affected by oil price changes. This is why the government held that press conference and continued those two policies, which are really a gesture towards the problem. But they're not seeing wages rise to make up for those price rises." "It is important that we get a balance of investing in the future and also looking after New Zealanders in the here and now" - Finance Minister Grant Robertson "It is important that we get a balance of investing in the future and also looking after New Zealanders in the here and now" - Finance Minister Grant Robertson duration 8:48 "We obviously listened carefully to the Treasury's advice but it is important that we get a balance of investing in the future and also looking after New Zealanders in the here and now." "The government has tried every avoidance measure in the book. "There's the old adage that oppositions don't win elections, governments lose them. "Being seen to be doing something is really, really important. "For many workers in New Zealand, and for many households in New Zealand, they're seeing the prices go up as a consequence of global factors. "We wanted to make sure that in this particular Budget that we got underway the much needed reform of our health system, that lead to some one-off spending, the allowance underneath that was similar to what we've done in previous years. "It will be interesting to see in Australia how long it is before Labor starts being blamed for the the problems that Australians are facing," Vowles said.

Economic and political commentator Bernard Hickey says both Labour and National aren't committed to fixing the issue of inflation.

"The question is, how much of it is the New Zealand government and Reserve Bank responsible for? How much of it is imported? "[They mean] someone like me as a Cabinet minister would save $8000 per year.

Inflation hitting 7.3% is "more bad news for people who have had a lot of bad news already", a social policy analyst says.

“We’re importing a lot of our inflation with a weakening currency, stubbornly high transport costs, high commodity prices and a general lift in the prices of imported goods.” “This really doesn’t change much at all. Stats NZ said the price of grocery food was up 7.1% in the 12 months to the end of June. “People on lower incomes haven’t had the same chance to save,” Ranchhod said. “When you are that cornered, and in a dark place then you are going to be desperate for money.” Demand for food bank parcels from charities, and food grants from Work and Income was already high, and the rising cost of living could prompt a rise in desperation borrowing, Tanielu said.

The country's official data agency has said that the consumer price index hit 7. 3 per cent during the June quarter.

Last month, the Reserve Bank of Australia said it was then expecting inflation to peak at around 7 per cent by the end of the year, before ultimately declining. By the fourth quarter, NAB has said inflation will reach 7.2 per cent and 5.4 per cent respectively. Between the March 2022 and June 2022 quarters, the average cost of rent rose by 1.2 per cent. The cost for the construction of a new dwelling in New Zealand is said to have increased 18 per cent year-on-year during the June 2022 quarter, while construction costs rose 4.5 per cent quarter-on-quarter. Quarterly inflation is said to have increased by 1.7 per cent during the June 2022 quarter, compared to the March 2022 quarter. According to the data agency, between the June 2021 and June 2022 quarters, rent increased by 4.3 per cent.

An economist is warning it could take years for consumer prices to fall back to within the Reserve Bank's (RBNZ) average annual target.

Stats NZ has released its quarterly consumers price index for the three months leading up to June. Inflation rose from 6.9 per cent in March to 7.3 per cent, ...

Major banks, including ANZ and the Reserve Bank had predicted inflation would come in at 7 per cent or 7.1 per cent. Inflation rose from 6.9 per cent in March to 7.3 per cent, with food up 1.3 per cent and 2.3 per cent rises in transport as well as housing and household utilities. WELLINGTON: Inflation in New Zealand has hit a steeper-than-forecast 7.3 per cent, its highest level in three decades, with households facing hefty jumps in food, petrol and housing costs.

As New Zealand once again faces record high inflation, opposition parties are keen to make it an issue that decides the election next year. Annual inflation has ...

The breadth of inflationary cost increases in New Zealand has economists worried as inflation hits a 32-year high.

The Salvation Army’s Ian Hutson told RNZ’s Checkpoint last night that the Ministry of Social Development’s accommodation supplement payments are based on rent data that is about six years out of date. The Nobel prize-winning economist Joseph Stiglitz is in Australia at the moment and says a windfall profits tax is a “no-brainer”. First Union’s Edward Miller has looked at the data here, and while there is less data available, Treasury corporate tax data showed that in the year to March 2022, corporate profits in this country had spiked by 39%. It’s a chunky read if you’re interested, but the topline finding is that rising corporate profits are a major factor in Australia’s escalating inflation. The rate is the highest it’s been in 32 years, so back around the time of the 1990 Commonwealth Games in Auckland, and this moment. The increase was largely driven by rising rents and construction costs. The next largest contributor was transport costs.

But those darned inflation figures out on Monday have upset things again. We are faced with the prospect that mortgage rates may resume their upward path soon.

I think the housing market is going to do some of the lifting for them.... Their job is now to make sure that the hard landing does not turn into a crash landing. Their job is now to make sure that the hard landing does not turn into a crash landing. Let me spell it out for you, RBNZ seems to yet have no traction on inflation, though it is a lagging indicator. That could be the cue for the RBNZ to reach for the blunderbuss and go with a 75-basis-point increase to the OCR, taking it to 3.25%. The other thing very much worth mentioning is the rates decision by the US Fed late next week. Since the last survey came out the RBNZ has been demonstrating a real urgency to get on top of things and that might convince people that the inflation beast can be put back in the cage – but people might want to see signs that’s actually happening too. For example, CPI inflation down to 4% by end of 2023 as a transitional step back to 1-3%. At the moment the path down just seems all very vague and non-commital ... Let me spell it out for you, RBNZ seems to yet have no traction on inflation, though it is a lagging indicator. I would imagine that until they saw the 7.3% actual inflation figure the folk at the RBNZ would have been hoping that the next survey would show a fall in expectations. The RBNZ will want to see a drop in these expectations. There was probably some belief that there was an element of ‘jawboning’ in the RBNZ’s forecasts. What the RBNZ will be looking closely at though is the measure of domestically-generated inflation.