NZ: Monthly Inflation Gauge rose a solid 0.6% m/m in July - ANZ

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.”