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Data from Stats NZ. Forecasts by Sigmanomics Forecast Engine.
New ZealandNew Zealand CPI climbed to 1,259 in October 2023
Stats NZMonthlyReleased January 2024
New Zealand CPI climbed to 1,259 in October 2023, released January 2024, up 6 from September's 1,253 reading. The reading matched expectations. CPI has now risen for 5 consecutive months. CPI is now the highest in 12 months.
Latest Release
1259
Actual
1259
Consensus
1253
Previous
Median Absolute Error
±4
across last 5 releases
Last Call
Jan 2024
Predicted: 1,259
Actual: 1,259
Error: +0
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| NZD/USD | ▲ Direct | +0.55 | FOREX | Bullish NZD | → View |
| NZD/JPY | ▲ Direct | +0.45 | FOREX | Bullish NZD | → View |
| AUD/NZD | ▼ Inverse | −0.40 | FOREX | Bearish AUD | → View |
| EUR/NZD | ▼ Inverse | −0.35 | FOREX | Bullish NZD | → View |
| XAU/USD | ▲ Direct | +0.30 | COMMODITIES | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
CPI (New Zealand) was reported at 1,259.00 in January 2024. This matched the market consensus of 1,259.00 exactly. The reading rose from the previous value of 1,253.00. This is classified as a high-impact indicator released on a monthly basis.
WHY IT MATTERS
The indicator has been trending upward over the last three releases.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with NZD/USD (Bullish NZD). A secondary relationship exists with NZD/JPY, positively correlated (Bullish NZD).
WHAT TO WATCH NEXT
Same-country events in the next 14 days include RBNZ Interest Rate Decision (May 27) and Monetary Policy Statement (May 27).
Auto-generated from current model state · Refreshes on each release · Last update January 2024.
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CPI - NZ
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About CPI — New Zealand
DEFINITION
CPI, or Consumer Price Index, is a widely used economic indicator that measures the average change in prices of goods and services purchased by households. It is an important tool for assessing inflation and the overall cost of living for consumers. The CPI is calculated by tracking the prices of a basket of goods and services over time, providing valuable insights into the current state of the economy and its impact on consumers. This indicator is closely monitored by policymakers, businesses, and investors to make informed decisions about economic trends and financial strategies.
WHY THIS INDICATOR MATTERS
Inflation prints feed directly into central-bank policy expectations and real-yield calculations, and are among the most rate-sensitive releases on the calendar. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Oct 2023): actual 1,259, consensus 1,259. Prior reading (Jul 2023): 1,253. Before that (Apr 2023): 1,231.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with NZD/USD (Bullish NZD, r=0.55) — a useful reference for forex-focused traders.