Inflation in New Zealand slowed more than expected in 2Q24, and it is cooling faster than expected, UOB Group economist Lee Sue Ann notes.
Inflation cools down faster than expected “Inflation in New Zealand slowed more than expected in 2Q24, to its weakest in three years. CPI rose 0.4% q/q in 2Q24, a tad lower from the 0.6% q/q reading in 1Q24. Compared to the same period a year ago, CPI eased to 3.3% y/y, from the 4.0% y/y reading in 1Q24.” “Non-tradeable inflation, a closely watched indicator of domestic price pressures, also eased to 0.9% q/q from 1.6% q/q in 1Q24.
Compared to the same period a year ago, non-tradable inflation came in at 5.4% y/y in 2Q24, compared to the previous reading of 5.8% y/y.” “While inflation remains above the RBNZ’s 1%-3% target band, it is cooling faster than expected. This, alongside weakening momentum in the domestic economy, should provide some impetus for the central bank to begin easing later this year. We are currently maintaining our view for the first rate cut to occur in 4Q24 .
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New Zealand CPI inflation drops to 0.4% QoQ in Q2 vs. 0.6% expectedInflation in New Zealand, as measured by the change in the Consumer Price Index (CPI), drops to 0.4% QoQ in the second quarter (Q2) of 2024 from 0.6% in the previous reading, Statistics New Zealand reported on Wednesday.
Read more »
New Species Of Shark Discovered In New ZealandKnown as the 'Mother of Sharks,' I'm a Latina marine biologist who has a lot of labels: science communicator, conservationist, author, educator, podcaster, television presenter. You might have seen me on Discovery Channel's Shark Week, National Geographic, BBC Wildlife, heard my TEDx talk or read my Scholastic books.
Read more »
2Q24 U.S. biotech earnings preview2Q24 U.S. biotech earnings preview
Read more »
Gold, silver stocks: 2Q24 earnings previewGold, silver stocks: 2Q24 earnings preview
Read more »
Online Travel: 2Q24 Earnings PreviewOnline Travel: 2Q24 Earnings Preview
Read more »
Cruise stocks: 2Q24 earnings season previewCruise stocks: 2Q24 earnings season preview
Read more »