New Zealand Weekly Data Wrap

Latest edition · July 9, 2026

NZ Weekly Data Wrap RBNZ hikes but keeps its options open

The RBNZ hiked the OCR by 25bp to 2.50% this week, citing ongoing, albeit conditional, needs for further policy tightening. Economic data shows a rebound in manufacturing and stable card spending, even as commodity prices face headwinds.

The Reserve Bank of New Zealand (RBNZ) lifted the Official Cash Rate (OCR) by 25bp to 2.50%, matching market expectations and signaling a continued path of policy tightening. While upside inflation risks have moderated, the committee maintains a data-dependent stance for future hikes. Domestically, the manufacturing sector shows renewed strength, and consumer card spending remains resilient. Meanwhile, commodity price volatility and the potential impact of a strong El Niño event present ongoing uncertainties for the economic outlook, particularly within the agricultural sector.

Key takeaways from the latest edition

• 1.The RBNZ raised the Official Cash Rate (OCR) by 25bp to 2.50% and indicated that further hikes are likely but remain data-dependent.
• 2.Manufacturing activity has rebounded significantly, with the Performance of Manufacturing Index (PMI) jumping to 59.7 in June.
• 3.Strong El Niño risks are emerging, which may bring hot and dry weather to New Zealand's north and east, impacting the agricultural sector.

What this series covers

• ANZ Proprietary data
• Key forecasts and rates
• RBNZ hikes, but keeps its options open
• Leap in PMI shows manufacturing returning to growth
• NZ Economic News
• Data calendar
• Interest rate markets
• FX markets
• The week ahead
• Economic forecasts
• Meet the team

Edition archive

• NZ Weekly Data Wrap RBNZ hikes but keeps its options open

  July 9, 2026

• NZ Weekly Data Wrap July Monetary Policy Review a nail biter

  July 3, 2026

• NZ Weekly Data Wrap oil prices pose downside risk to inflation outlook

  June 26, 2026

• NZ Weekly Data Wrap lower inflation and higher growth

  June 19, 2026

• NZ Weekly Data Wrap mixed picture

  June 5, 2026

• NZ Weekly Data Wrap next week a big one for monetary and fiscal policy

  May 22, 2026