NZ: Monthly Inflation Gauge falls 0.4% in October - ANZ

New Zealand economy’s ANZ Monthly Inflation Gauge fell 0.4% m/m (up 2.9% y/y) in October, kicking Q4 off on a softer note, points out the analysis team at ANZ.  

Key Quotes

“We think the headline could be understating the underlying pulse. There was only one area of significant weakness in the Gauge – the recently-volatile accommodation services component – and the number of components to lift in the month hit an 8-year high. Excluding accommodation services, the index lifted 0.3% m/m, but remained at 2.4% y/y.”