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RBNZ Sectoral Factor Inflation Model holds steady at 2.7% YoY in Q2 2026
The Reserve Bank of New Zealand (RBNZ) published its Sectoral Factor Model Inflation gauge for the second quarter of 2026, following the release of the official Consumer Price Index (CPI) by NZ Stats on Tuesday.
The inflation gauge came in at 2.7% year-over-year (YoY) in Q2 2026 vs. 2.7% in Q1.
The inflation measures are closely watched by the RBNZ, which has a monetary policy goal of achieving 1% to 3% inflation.
Market reaction
The New Zealand Dollar (NZD) faces some selling pressure on the RBNZ’s inflation data release. At the time of writing, NZD/USD is off the seven-week high of 0.5874, still up 0.36% on the day at 0.5858.
About the RBNZ Sectoral Factor Model Inflation
The Reserve Bank of New Zealand has a set of models that produce core inflation estimates. The sectoral factor model estimates a measure of core inflation based on co-movements – the extent to which individual price series move together. It takes a sectoral approach, estimating core inflation based on two sets of prices: prices of tradable items, which are those either imported or exposed to international competition, and prices of non-tradable items, which are those produced domestically and not facing competition from imports.
