Elevated CPI figures from New Zealand’s Q2 data could strengthen the kiwi dollar amid persistent oil price pressures.
New Zealand’s Q2 inflation data, due July 21, 2026, is expected to reflect elevated consumer prices driven by the global oil price shock. Analysts suggest the Reserve Bank of New Zealand may not dismiss the impact, given renewed geopolitical conflicts affecting energy markets.
Expectations center on a higher-than-anticipated CPI print, with further upside potential likely to support the NZD. Additional core inflation data from the RBNZ’s sectoral factor model will be released at 0300 GMT, providing further insight into underlying price trends.