MNI BRIEF: NZ Q4 Inflation At 2.2% Y/Y

New Zealand’s Q4 inflation printed at 2.2% y/y, 10 basis points higher than expected and flat against Q3, while tradeable inflation grew 0.3% q/q, up 20bp on expectations, Stats NZ data showed Wednesday. 

Non-tradeable inflation grew 0.7% q/q, 10bp lower than expected and down from Q3’s 1.3% q/q increase. 

“The largest contributor to the annual inflation rate was rent, up 4.2%,” Stats NZ said in a statement. “Almost a fifth of the 2.2% annual increase in the CPI was due to rent prices.”

The Reserve Bank of New Zealand monetary policy committee will next meet on Feb 19.