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New Zealand CPI Expectations Rise in June Quarter, RBNZ Survey Says

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Expectations for New Zealand's one-year-ahead annual consumer price index (CPI) inflation increased by 82 basis points to 3.41% from 2.59% in June quarter, according to the Reserve Bank of New Zealand's (RBNZ) survey published on Wednesday.

Two-year-ahead inflation expectations increased to 2.53% from 2.37%, while five-year-ahead inflation expectations decreased to 2.22% from 2.31%, and 10-year-ahead inflation expectations decreased to 2.19% from 2.30%.

On average, survey respondents expect the official cash rate to remain at 2.34% by the end of the June quarter.

One-year-ahead unemployment rate expectations increased to 5.37% from 4.95%, and two-year-ahead unemployment rate expectations increased to 4.97% from 4.58%.

Expectations for annual wage inflation over the next one and two years have increased to 2.63% and 2.84%, respectively, compared to the previous quarter.

Expectations for annual real gross domestic product growth were 1.58% and 2.16% for the one and two-year-ahead time horizons, respectively.

Annual house price inflation expectations tightened across all horizons, with one-year-ahead expectations falling to 0.33% from 2.37% and two-year-ahead expectations declining to 2.80% from 3.44%.

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