NZ RBNZ’s Silk: Core Inflation ‘Uncomfortably High’

This suggests the RBNZ's easing path is less certain than markets may have priced, as sticky non-fuel inflation keeps the central bank on guard. The distinction between headline and core pressures matters here, since fuel volatility can mask underlying trends. The key question is whether the bank prioritizes its inflation mandate over growth support, which would delay rate relief. Policy communication in the coming weeks will be the focal point for gauging how long this cautious posture lasts.