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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
New ZealandNew Zealand PPI Output climbed to 1.1% in August 2024
FMPMonthlyReleased August 2024
New Zealand PPI Output climbed to 1.1% in August 2024, up 0.2% from July's 0.9% reading. The print came in hotter than the 0.6% consensus, a hotter print than forecasters anticipated. PPI Output has now risen for 3 consecutive months. PPI Output is now the highest in 18 months.
Latest Release
1.1
Actual
0.6
Consensus
0.9
Previous
Median Absolute Error
±0.4 percentage points
across last 6 releases
Last Call
Aug 2024
Predicted: 0.6
Actual: 1.1
Error: -0.5
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
PPI Output (New Zealand) was reported at 1.1% in August 2024. This beat the market consensus of 0.6% by 0.5%. The reading rose from the previous value of 0.9%.
WHY IT MATTERS
The indicator has been trending upward over the last three releases. The trailing three releases averaged 0.9%, up from the prior three at 0.43%.
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). Over the last 6 releases, the Sigmacast model's median absolute error is 0.4%.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include GDP Growth Rate QoQ (Jun 17) and GDP Growth Rate YoY (Jun 17).
Auto-generated from current model state · Refreshes on each release · Last update August 2024.
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PPI Output - NZ
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About PPI Output — New Zealand
DEFINITION
PPI Output, or Producer Price Index Output, is a financial indicator that measures the average change in prices received by domestic producers for their goods and services. It is used to track inflation and provide insight into the overall health of the economy. PPI Output is an important tool for businesses and policymakers to make informed decisions about pricing strategies and economic policies.
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 (Aug 2024): actual 1.1 %, consensus 0.6 %. Prior reading (May 2024): 0.9 %. Before that (Feb 2024): 0.7 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a higher 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.