New Zealand Weekly Wrap: ANZ Focuses on Inflation

The Australia and New Zealand Banking Group (ANZ) analysts provide a concise summary of the major developments reported this week from New Zealand.

July 22, 2022 - 12:21 PM 260 views

New Zealand Weekly Wrap: ANZ Focuses on Inflation

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© New Zealand Weekly Wrap: ANZ Focuses on Inflation

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1.  The Australia and New Zealand Banking Group (ANZ) analysts provide a concise summary of the major developments reported this week from New Zealand.

Key Quotes

“This week, we learned that annual CPI inflation in New Zealand reached 7.3 percent in Q2, exceeding both our own projection of 7.1 percent and the May MPS forecast from the RBNZ of 7.0 percent.”

"The spike in domestic and core inflation indexes was the actual news in the CPI statistics. Core inflation measures range from 4.8 percent to 6.1 percent, and annual non-tradable inflation reached a new record high of 6.3 percent. We updated our OCR forecast because the domestic inflation pulse is stronger and more enduring than we had anticipated. By year's end, we now anticipate the OCR to reach its peak at 4% (up from 3.5%.”

"In response to Q2's results, we revised our inflation predictions. While headline inflation may have peaked in Q2, it is likely to continue to be very high for a while. Only at the end of next year, according to our predictions, will inflation fall below the 3 percent mark. For the RBNZ, there is still work to be done.

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