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RBNZ sees annual CPI 2.1% by December 2018 (previous 1.8%)

Following its decision to leave the official cash rate unchanged at 1.75%, the Reserve Bank of New Zealand (RBNZ) published its updated forecasts.

Official cash rate at 1.8 pct in March 2018 (pvs 1.8 pct).

Official cash rate at 1.8 pct in December 2018 (pvs 1.8 pct).

Official cash rate at 1.8 pct in March 2019 (pvs 1.8 pct).

Official cash rate at 2.3 pct in december 2020.

Annual CPI 2.1 pct by December 2018 (pvs 1.8 pct).

Key notes

RBNZ likely less concerned about currency headwinds - BNPP.

According to analysts at BNP Paribas, RBNZ is expected to remain on hold on Thursday as concerns about currency strength have likely reduced and sentiment towards the NZD remains bearish.

RBNZ needs to adopt a formal tightening bias - BNZ.

Stephen Toplis, Head of Research at BNZ suggests that it is their strong view that the RBNZ needs to adopt a formal tightening bias when it releases its November Monetary Policy Statement this Thursday.

About the RBNZ interest decision and statement

The RBNZ interest rate decision is announced by the Reserve Bank of New Zealand. If the RBNZ is hawkish about the inflationary outlook of the economy and raises the interest rates it is positive, or bullish, for the NZD. The RBNZ rate statement contains the explanations of their decision on interest rates and commentary about the economic conditions that influenced their decision.

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