Financial Wire

New Zealand's Q1 Consumer Price Index Set to Rise, BofA Securities Says

-- New Zealand's first-quarter consumer price index is anticipated to rise by 0.8% quarter on quarter and 2.9% year on year, which is slightly below the Reserve Bank of New Zealand's revised April forecast of 3%, brokerage firm BofA Securities said in an April 17 report.

Headline inflation is driven by soaring fuel prices in March due to the Middle East conflict, with petrol prices surging nearly 19% and diesel by nearly 43% month on month.

The Reserve Bank will continue to prioritize medium-term inflation pressures and expectations amid uncertain outlook stemming from the global energy shock, the brokerage firm said.

Energy prices are expected to push headline inflation up in the second quarter, but "significant" spare capacity is anticipated to limit second round effects and weigh on non‐tradable inflation, per the report.

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