NZ: Monthly inflation gauge rose 0.1% in May - ANZ

Cameron Bagrie, Chief Economist at ANZ, notes that NZ’s prices in the Monthly Inflation Gauge rose 0.1% in May, following a 0.2% rise in April.

Key Quotes

“Prices in the Gauge were up 0.7% 3m/3m, while annual inflation from the Gauge rose to 2.2%.1

Price rises were once again largely confined to the housing group, with prices unchanged in the Underlying Ex-housing Gauge, and the 3-month change in this measure flat as well.

The annual inflation picture remains benign overall, but looks to be past its recent lows with rising pressures from some sectors such as housing. This tells us that demand-pull inflation is alive and well in some areas."