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um now that's 2.6 still kind of within the target yep that's that's kind of good but but that's where the overall increase still came from uh and yeah i mean things like individual items electricity council rates uh you know home insurance or different types of insurance i see health insurance has been going up quite a lot um petrol prices up so yeah there were a lot of things actually that now some of these things within reserve banks control some not um but either way
the the inflation came across quite a few things and actually i think i saw stats new zealand say something like you know if you look at all the components that go into the cpi and measure how many went up and how many were flat or how many went down you know um actually the the proportion of goods and services that went up in q4 was was higher than it's been quite some time so
i suppose that's a wee bit of a concern not only the 3.1 figure above target but also some ways the broad-based nature of it you know a lot of things actually went up in price so um yeah those those items are listed but generally not a great result i suppose you know from from the perspective of wanting inflation to be not only within target but trending lower as well so um yeah a wee bit concerning
Yeah, so there's a bunch of things to talk about here.
I mean, remind me to come back to my overall view right at the end if I forget.
But I mean, there's no core inflation measure as such.
You know, it's not like Stats New Zealand publishes that here's core inflation.
So there's a little bit of judgment in here, a little bit of subjective thing.
I mean, the Reserve Bank has their own measures of what they deem to be core inflation.
Stats New Zealand puts out a couple of measures which they have a name for.
They don't necessarily call it core inflation.
But you're right, in the end, it amounts to kind of taking out stuff that's a bit jumpy, a bit volatile, one-offs, things like that.
So it allows the Reserve Bank to look at sort of a trend measure, if you like, the sort of underlying level of price pressures in the economy.
And that's sort of what matters because, you know, keep in mind their inflation target is over the medium term.
So they're allowed to so-called look through little spikes in inflation for various different things.
And, you know, they can focus on their more medium-term picture
the underlying trend.
And for me also, it's worth keeping in mind that it is a medium term thing.
It's very easy to forget about.
At a certain point in time, everyone's focusing on, oh, well, don't worry, inflation reacts with lags.