The data from New Zealand is here, domestic inflation is high and sticky:New Zealand Q4 CPI 0.5% q/q (expected 0.5%) and 4.7% y/y (expected 4.7%)Which gave NZD/USD a boost:NZD/USD is jumping after a huge 5.9% non tradable inflation number in the Q4 dataANZ analysis of the data, in brief:Annual CPI inflation decelerated from 5.6% to 4.7% y/y in Q4, in line with our forecast, and below the RBNZ’s November MPS forecast of 5.0%. While we were on the money with the headline, the details showed a downside surprise on the tradables side offset by a small upward surprise in non-tradable inflation. The RBNZ would have preferred the opposite. Non-tradables inflation came in at 5.9% y/y, above our and
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