1Q CPI for New Zealand better than expected

The NZ 1Q CPI came in a little better than expectations of 0.4% vs actual 0.5%.

• For the year, the data arrived as expected at 1.1% while the last quarter arrived at 0.1% with the YoY at 1.6%.
• Q1 non-tradable's +0.9% QoQ
• Nontradable's YoY 2.3%

About the Consumer Price Index

Consumer Price Index released by the Statistics New Zealand is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services . The purchase power of NZD is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. A high reading is seen as positive (or bullish) for the NZD, while a low reading is seen as negative.