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Economics
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Inflation falls to 4.7%; domestic prices remain sticky

Annual fall more than the RBNZ expected back in November, lowering the chances of another OCR hike.

Inflation still sits outside of the RBNZ’s crucial 1-3% target band.

Key points
  • What’s at stake: Whether the RBNZ needs to hike the official cash rate again in 2024 because of stubborn inflation pressures. 
  • Background: Stats NZ data out today showed annual inflation fell to 4.7% in the year to December. The central bank kept the OCR at 5.5%, as widely expected, in November. But it said it had a ‘willingness’ to hike again, if needed this year.
  • Key players: Stats NZ, ANZ, ASB, Westpac, Satish Ranchhod, RBNZ, Christian Hawkesby, Adrian Orr.

Annual inflation has fallen faster than the Reserve Bank expected, lowering the chances of another official cash rate hike this year.

Stats NZ data out today showed inflation in the year ended December 31 fell to 4.7%. That compares with the previous rate of 5.6%.

On a quarterly basis, it rose 0.5%

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Key points
  • What’s at stake: Whether the RBNZ needs to hike the official cash rate again in 2024 because of stubborn inflation pressures. 
  • Background: Stats NZ data out today showed annual inflation fell to 4.7% in the year to December. The central bank kept the OCR at 5.5%, as widely expected, in November. But it said it had a ‘willingness’ to hike again, if needed this year.
  • Key players: Stats NZ, ANZ, ASB, Westpac, Satish Ranchhod, RBNZ, Christian Hawkesby, Adrian Orr.
Inflation falls to 4.7%; domestic prices remain sticky
Economics,
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