New Zealand’s ANZ Monthly Inflation Gauge was up 0.3% m/m in June, largely supported by insurance and housing-related price gains, notes the research team at ANZ. 

“Annual inflation in the Gauge ticked up to 2.8% from 2.7%. But it’s increasingly looking like domestic inflationary pressures have peaked for now. For the June quarter, the Gauge is pointing to a soft 0.2% q/q rise in non-tradable inflation, which would be the lowest CPI non-tradable outturn since June 2017. The Gauge has come within 0.2%pts for 13 of the last 14 Stats NZ non-tradable inflation outturns.”