New Zealand CPI data higher than expected - KiwiBank says RBNZ will take comfort

The New Zealand Q2 inflation data was published earlier from Stats NZ:

• New Zealand Q2 CPI 1.1% q/q (vs. expected 1.0%)

NZD/USD was marked up, but if you check out your charts you'll see it wasn't sustained:

• NZD marked higher after NZ CPI data higher than expected

ASB response:

• New Zealand CPI data higher than expected - ASB sees RBNZ staying on sidelines

KiwiBank now:

• some good news on inflation
• Inflation has peaked, globally. We are simply importing less inflation. This is great news. The world war on inflation is being won, albeit slowly.
• Imported inflation eased from 6.4% to 5.2%. That was the pleasant surprise.
• Domestically generated inflation, esp. construction related prices, remains sticky
• Core measures of inflation, which strip out volatile stuff, came in lower at 6.1%, down from 6.5%. This is a positive shift lower.
• We’re confident we’ve seen the peak in inflation, with the annual rate comfortably below the 7.3% peak at 6.0%. The peak in inflation will mark the peak in interest rates, locally and abroad.
• The RBNZ will take comfort in today’s report. The RBNZ had forecast an easing in price pressures to 6.1% - so pretty much in-line.
• We expect the next move from the RBNZ will be a rate cut. And we’ve pencilled in a move in February. By then, we are likely to be in the middle of a mild recession. A recession engineered by the RBNZ, to tame inflation.

I posted this moments ago ICYMI: