RBNZ Survey: NZ two-year inflation expectations rise to 2.53% QoQ in Q2 2026

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

Two-year inflation expectations, seen as the time frame when RBNZ policy action will filter through to prices, extended its advance to 2.53% in Q2 2026 versus 2.37% seen in Q1.

NZ average one-year inflation expectations jumped to 3.41% in Q2 vs. 2.59% in the first quarter of this year.

NZD/USD reaction to inflation expectations