NZ Q1 Consumer Price Inflation Release

The NZ Consumer Price Index (CPI) for Q1 has just been released.

The CPI came in higher than expected.

NZ CPI Q1/Annual:

Headline Q1 CPI +1.0% / +2.2% Consensus 0.9% / +2.1%

Non-tradables CPI +1.0% / +2.5% versus previous quarter
Tradables CPI +0.8% / +1.6% versus previous quarter

CPI 10% Trimmed Mean came in at +0.9% for Q1 and +2.2% for the last 12 months.

The non-tradables group is a barometer of domestic inflation.

Higher petrol prices and tax rises on tobacco helped lift inflation. House-related prices also contributed to the higher inflation rate.

The NZD is higher in immediate response.

Below is the link to the Statistic NZ release:

http://www.stats.govt.nz/browse_for_stats/economic_indicators/CPI_inflation/ConsumersPriceIndex_MRMar17qtr.aspx

Current indicative levels are:

NZDUSD 0.7020 / 0.7045
NZDAUD 0.9370 / 0.9395
NZDEUR 0.6550 / 0.6575
NZDGBP 0.5490 / 0.5515
NZDJPY 76.50 / 76.75

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