NZ inflation data driven by petrol prices, core still subdued. NZD giving back some gain.

The New Zealand data is here, showing an upside surprise for the headline inflation figure:

• NZ Q3 inflation, CPI 0.9% q/q (vs. expected 0.7%)

As the details to that post discuss, there was abig impact from rising petrol prices, which is not part of 'core' inflation.

• underlying pace if CPI is closer to 0.5% q/q

That compares with the RBNZ forecasting around 0.4%.

NZD is giving back some of its pop as the detail is examined. A lesser gian for core inflation will keep RBNZ rate cut options open.

Also, as I posted earlier - eyes now turn to the RBNZ own measure of core inflation due at 0200GMT

• NZ Q3 inflation, CPI 0.9% q/q (vs. expected 0.7%)
• Here is what's on the economic calendar in Asia today - NZ inflation, RBA, RBNZ