Inflation in New Zealand, as measured by the change in the Consumer Price Index (CPI), rose to 6.8% QoQ in the first quarter (Q1) of 2024 from 0.5% in the previous reading, Statistics New Zealand reported on Wednesday.
Inflation in New Zealand, as measured by the change in the Consumer Price Index , rose to 6.8% QoQ in the first quarter of 2024 from 0.5% in the previous reading, Statistics New Zealand reported on Wednesday. The figure was above the market consensus of 0.6%. Annualized CPI inflation in New Zealand came in at 3.7% YoY compared to the previous period's 4.7%. Market reaction to New Zealand CPI data The New Zealand Dollar edged higher with the immediate reaction.
To this end, the bank sets an appropriate level of interest rates. When inflation is too high, the RBNZ will increase interest rates to cool the economy, but the move will also make bond yields higher, increasing investors’ appeal to invest in the country and thus boosting NZD. On the contrary, lower interest rates tend to weaken NZD.
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