The Reserve Bank of New Zealand (RBNZ) released its Sectoral Factor Model Inflation gauge for the first quarter of 2024 after the publication of the official Consumer Price Index (CPI) by the NZ Stats early Wednesday.
The inflation measure rose 4.3% YoY in Q1 2024 vs. 4.7% in Q4 2023.
The inflation measures are closely watched by the RBNZ, which has a monetary policy goal of achieving 1% to 3% inflation.
The Kiwi Dollar holds its bounce above 0.5900 after the RBNZ’s inflation data. At the time of writing, NZD/USD is adding 0.47% on the day to trade at 0.5906.
The Reserve Bank of New Zealand has a set of models that produce core inflation estimates. The sectoral factor model estimates a measure of core inflation based on co-movements – the extent to which individual price series move together. It takes a sectoral approach, estimating core inflation based on two sets of prices: prices of tradable items, which are those either imported or exposed to international competition, and prices of non-tradable items, which are those produced domestically and not facing competition from imports.
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