Goldman Sachs Research reviews New Zealand's 2Q CPI and adds a December  hike to its RBNZ rate call.

"New Zealand's headline CPI increased 1.5% qoq in 2Q2026, with the year-over-year rate accelerating 100bp to 4.1%yoy. The outcome was above both our expectations and the RBNZ's updated July forecast (GSe/RBNZ: +3.9%yoy; BBG: +4.0%yoy)," GS notes.

"Against the backdrop of renewed upward pressure on oil prices, we expect today's CPI data will reinforce the RBNZ's recent hawkish reaction function reset. We continue to expect the RBNZ to hike the policy rate in September (+25bp to 2.75%) but now expect a final 25bp hike at December's meeting to 3.00% - following a period of assessment, the 7 November election, and with updated forecasts on hand," GS adds.