At the last review in July the RBNZ made good on this intention by duly leaving the OCR unchanged. But it's 'non-tradable', domestically generated inflation that the RBNZ can do something about and therefore directly worries about. And as of June the non-tradable annual inflation rate had fallen only slightly from 6.8% to 6.6%, while the RBNZ had forecast it to fall to 6.3%. The employment figure came in much higher than the RBNZ forecast, but the wage inflation was pretty much in line with what the RBNZ picked, while unemployment, at 3.6%, came in actually a touch higher than the RBNZ forecast. But then there's the not-at-all insignificant matter of what the RBNZ will do with its forecasts of the OCR level in the future.

Source: New Zealand Herald August 13, 2023 00:05 UTC