According to the analysts at TD Securities (TDS), New Zealand’s second quarter Consumer Price Index (CPI), due out on Tuesday at 2245 GMT, is seen rising across the time horizons.

“NZD TD forecasts Q2 inflation to rise by 0.5% in the June qtr lifting annual inflation to 1.6%. This is a touch below the RBNZ's 0.6%/q forecast. While higher oil prices in the qtr account for more than 60% of the increase in CPI in the qtr, food at 20% of the basket, imparts a mild downside bias. A print in line with RBNZ forecasts keeps an Aug rate cut in play.”