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The RBNZ can’t shake off the strength in domestic inflation
Inflation in New Zealand has been dropping back as domestic demand has cooled. However, that softening is occurring more gradually than the RBNZ has been expecting. Importantly, a hard ‘sticky’ core of domestic inflation pressures means a return to 2% inflation is still a long way off. Against that backdrop, the RBNZ is set to leave the Official Cash Rate on hold over the remainder of this year. New Zealand consumer prices rose 0.6% in the first three months of the year. That saw annual inflation dropping from 4.7% at the end of last year to 4% now. That’s the lowest annual inflation has been since June 2021. ... (full story)
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