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Reuters
Reuters
Business

New Zealand inflation expectations fall in third quarter - RBNZ survey

FILE PHOTO: Shoppers walk in front of a retail shop displaying a sale sign in central Wellington, New Zealand, July 3, 2017. REUTERS/David Gray

WELLINGTON (Reuters) - New Zealand's near-term inflation expectations dropped in the third quarter, sending the currency lower, a survey showed on Tuesday.

The Reserve Bank of New Zealand's (RBNZ) quarterly survey of expectations showed business managers forecast annual inflation averaging 1.71% over the coming year, from 1.97% in the previous survey.

Two-year inflation expectations - seen as the time frame when RBNZ policy action will filter through to prices - fell to 1.86% from 2.01%.

The New Zealand dollar <NZD=D4> fell from $0.6557 to $0.6538 immediately after the release.

The RBNZ is widely expected to cut rates when it releases its monetary policy decision on Wednesday.

(Reporting by Charlotte Greenfield; Editing by Jacqueline Wong)

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