RBNZ Survey: NZ two-year inflation expectations pick up to at 2.37% QoQ in Q1 2026

New Zealand's (NZ) inflation expectations rose on a 12-month time frame and on a two-year time frame for the first quarter of 2026, the Reserve Bank of New Zealand’s (RBNZ) latest monetary conditions survey showed on Friday.

Two-year inflation expectations, seen as the time frame when RBNZ policy action will filter through to prices, picked up to 2.37% in Q4 2025 versus 2.28% seen in Q4 2025.

NZ average one-year inflation expectations rose to 2.59% in Q4 vs.  2.39% in the final quarter of last year.  

NZD/USD reaction to inflation expectations

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