New Zealand's consumer inflation came in slightly above expectations in the second quarter, driving swap rates higher as the market pushed out expectations for when the central bank might start cutting the cash rate.
Consumer prices rose 6.0% year-on-year in the second quarter, slower than the 6.7% increase in the first quarter, Statistics New Zealand said in a statement on Wednesday. It is now below the three-decade high of 7.3% inflation seen in the second quarter of 2022.
Inflation is a significant challenge for the Reserve Bank of New Zealand and it has responded by raising interest rates to 5.5% from a record low 0.25% in October 2021. "Data reinforce that the RBNZ can not yet pat itself on the back for a job well done," said ASB senior economist Kim Mundy. "Moreover, the RBNZ will most likely be concerned to see that price rises became more widespread in Q2."
"With food prices up 12.3% annually, consumers may be buying cheaper alternative to keep their food bill lower," said Nicola Growden, the prices senior manager at Statistics New Zealand.
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