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New Zealand retail sales -0.96% q-o-q (consensus -2.6) in Q2-23

- New Zealand retail sales in Q2-23 declined by a smaller percentage than expected, with a decrease of 0.96% q-o-q compared to a consensus forecast of -2.6%.
- Despite the decline, the retail sector in New Zealand experienced its highest growth since Q3-22, indicating a potential rebound.

RBNZ: Aug-23

• The MPC retains the OCR at 5.50% in response to persistently high core inflation, aiming to guide consumer price inflation within the 1 to 3% target range.
• Global economic headwinds, especially from China, coupled with internal demand-supply dynamics, necessitate sustained restrictive monetary measures.
• Despite existing economic challenges, New Zealand's financial system exhibits resilience, with monetary policy effectively addressing both inflation and employment objectives.

New Zealand PPI inflation 0.22% q-o-q in Q2-23

- New Zealand's PPI inflation in Q2-23 increased by 0.22% compared to the previous quarter, remaining steady but lower than the one-year and long-run averages.
- The PPI input price inflation decreased by -0.22% in Q2-23, indicating a potential decrease in upstream production costs.

New Zealand PMI manufacturing 46.3 in Jul-23

- The New Zealand PMI for manufacturing declined to 46.3 in Jul-23, reflecting a contraction in the sector and reaching its lowest level since Aug-21.
- The reading of 46.3 is also significantly below the one-year average, indicating a sustained period of challenges for the manufacturing sector in New Zealand.