New Zealand economy’s ANZ Monthly Inflation Gauge rose a solid 0.6% m/m in July, the strongest monthly print since January, notes the research team at ANZ.
Key Quotes
“The Gauge is up 2.5% y/y, 0.1%pts above the pace recorded in June.”
“Some strength is unsurprising after Q2 non-tradables CPI inflation came in stronger than implied by the Gauge. The details do not suggest there is catch-up at play, but reaffirm that inflation has come of its lows.”
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