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Reserve Bank of New Zealand's own inflation model 2.8% y/y, down from 2.9% previously

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July 21, 2025

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The sectoral factor model is the Reserve Bank of New Zealand’s own preferred inflation measure.

Earlier today we had the official CPI data from NZ:

• New Zealand Q2 CPI 0.5% q/q (expected 0.6%) 2.7% y/y (expected 2.8%)

The CPI result earlier supported expectations for another rate cut from the RBNZ and weighed on the NZD. This lower than Q1 result will also be supportive of that expectation. As will the drop in tradeable inflation I noted in the screenshot. Check out that link just above to the earlier data for an explanation of tradeable inflation, if needed.

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This article was written by Eamonn Sheridan at investinglive.com.