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New Zealand Consumer Prices (Q1 2023)

Although inflation in Q1 was below what the RBNZ had expected, we don’t expect the Bank to take its foot off the brakes just yet. Indeed, with non-tradables prices continuing to rise at a rapid clip, the RBNZ is likely to err on the side of caution and deliver one final 25bp rate hike in May before bringing its tightening cycle to a close.

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