NZ Q1 CPI Preview
Does anyone care?
New Zealand’s Q1 CPI will be released on Thursday.
Today’s release of monthly price data for March allowed Q1 inflation forecasts to be firmed up. The monthly price indicators (excluding rents) cover ~35% of New Zealand’s CPI, with around half accounted for by food. The monthly rents data provide some insight to the quarterly CPI rents measure (9.5% weight). We have incorporated the updated CPI weights into our Q1 nowcast.
Of course, it would take a very surprising CPI outcome to divert the market’s attention from global developments.
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