Earlier today we had the official CPI data from NZ:

Now this from the Reserve Bank of New Zealand:

rbnz sector factoral model 17 July 2024 2

You can see the clear disparity between tradable and non-tradable inflation in the final four columns.

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The Bank on its own model:

  • We created the sectoral factor model. It estimates the common component of inflation in the CPI basket, the tradable basket, and the non-tradable basket, based upon separate factors for the tradable and non-tradable sectors. The data excludes GST.