Inflation outcome shores up view the RBNZ will cut by November

Inflation is on pace to hit the Reserve Bank's target range by September.

Wed, 17 Jul 2024

Annual inflation continues to come off the boil, coming in at 3.3% in the June quarter and firming up the view the central bank will be cutting rates by November. “Today's CPI seems to vindicate the RBNZ’s view that inflation will soon be below 3%, giving them room to dial back restriction,” said Westpac Bank chief economist Kelly Eckhold.Annual inflation was 4% in the March quarter. The June result was below the 3.6% the central bank had forecast. The RBNZ is charged with keeping inflation between 1% and 3%...

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