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Consumer price index falls to 4% in the 12 months to the March quarter, a decline from the 4.7% rate in the year ended December. “Price increases this quarter are the smallest since June 2021," Stats NZ says.
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Tower forecasts higher underlying profit
Listed insurer Tower has updated its full-year earnings guidance, with underlying net profit expected to be above $35 million in the 12 months ended September 30.
Previously, Tower expected underlying net profit to be at the top end or exceed a range of between $22m and $27m.
“This updated guidance assumes full utilisation of the FY24 large events allowance which is conservatively set at $45m,” Tower said.
To date, no large events have happened in this financial year.
“The increased expectation for underlying NPAT follows lower than expected business as usual claims costs and higher than expected gross written premiums from favourable retention.”
Tower releases its half-year results next month.
Whole milk powder price steady at latest auction
Dairy prices have remained relatively steady at the latest overnight auction.
Key export commodity whole milk powder rose 0.4% to US$3269 per tonne, following a jump at the previous auction.
The overall GDT index rose 0.1%, with whole milk powder and anhydrous milk fat up, skim milk powder flat, while butter, cheddar, lactose, and mozzarella declined.
In February, dairy giant Fonterra increased its 2023/24 season forecast Farmgate Milk Price, with the midpoint lifting to $7.80 per kg of milk solids.
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