NZ Q2 CPI Preview
Idiosyncratic factors
New Zealand’s Q2 CPI will be released next Monday, 21 July.
Today’s release of monthly price data for June allowed Q2 inflation forecasts to be firmed up.
Note that StatsNZ will put through a correction to the June quarter CPI that is expected to add ~0.1ppts to headline inflation. StatsNZ mistakenly did not include the NZ$25 increase in vehicle relicensing fees on 1 January 2025 in the March quarter CPI and noted that headline inflation was understated by 0.1ppts as a result.
StatsNZ will also update route-level weights for domestic airfares that should have been updated in Q1 but this did not affect headline inflation.
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