New Zealand Monthly Price Data to Help With Inflation Forecasts
New Zealand will begin publishing additional monthly price indexes to assist the central bank and economists to more accurately forecast quarterly headline inflation. New Zealand is set to begin publishing additional monthly price indexes to help the central bank and economists to more accurately forecast quarterly headline inflation. The data will provide price movements for alcoholic beverages, tobacco, petrol and diesel, domestic and international airfares, and accommodation services. The first publication will be on Nov. 14 and when the additional indexes are generated, there will be monthly coverage of price changes for about 44% of household spending. Annual inflation slowed to 5.6% in the third quarter, according to a report yesterday.
Опубликовано : 2 года назад от Tracy Withers в Travel Finance
New Zealand will begin publishing additional monthly price indexes to assist the central bank and economists to more accurately forecast quarterly headline inflation.
The data will provide price movements for alcoholic beverages and tobacco, petrol and diesel, domestic and international airfares, and accommodation services, Statistics New Zealand said Wednesday in Wellington. The first publication will be on Nov. 14.
New Zealand is the only OECD nation still relying on quarterly inflation data, adding to challenges for the central bank which is tasked with making interest rate decisions every six weeks. The Reserve Bank has been calling for a more frequent prices gauge, but the statistics agency has been unable to find the resources to develop a full-blown monthly consumers’ price index.
“Getting reliable price data faster is critical to our job of controlling inflation and getting it back in our target band,” RBNZ chief economist Paul Conway said in the statement. “Monthly prices data is a very welcome addition that will help the Monetary Policy Committee make wise decisions.”
The additional price indexes utilize new monthly data collections and other data that had not been previously released, the statistics agency said.
Statistics New Zealand already provides monthly gauges of food prices and rents. When the additional indexes are generated, there will be monthly coverage of price changes for about 44% of household spending, it said.
When accounting for goods and services that only change price annually such as tuition fees and council rates “we will be publishing nearly half of the CPI basket as frequently as possible,” it said.
Annual inflation slowed to 5.6% in the third quarter, according to a report yesterday. The median forecast from 16 economists was 6% within a range of 5.4% to 6.2%.
Темы: Inflation, New Zealand