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According to the latest Reserve Bank of New Zealand (RBNZ) survey, New Zealand’s (NZ) both one and two-year inflation expectations plunged in the second quarter of 2020.

Business managers forecast annual inflation averaging 0.74% over the coming year vs. 1.88% previous.

Two-year inflation expectations, seen as the time frame when RBNZ policy action will filter through to prices, fell to 1.24% from 1.93% last. The last uptick was the first in six quarters.