3 November 2022
Adam Irish
Dear Adam
Thank you for your request of 5 October 2022 to the Reserve Bank of New Zealand – Te Pūtea
Matua under the Official Information Act 1982 (OIA), as follows:
I request under the Official Information Act why does the RBNZ not display core inflation
(similar to Japan's Reserve Bank, inflation minus energy and food) data on its website. Also
has any research gone into how Japan has managed to maintain low inflation and interest
rates within its economy and what if any policy prescriptions have resulted in New Zealand
from these learnings.
Response
The answers to your questions are set out below.
Why does the RBNZ not display core inflation (similar to Japan’s Reserve Bank,
inflation minus energy and food) data on its website
RBNZ produces two measures of core inflation - the factor model and sectoral factor model.
These are published on our website and are available at:
Prices (M1) - Reserve Bank of New
Zealand - Te Pūtea Matua (rbnz.govt.nz).
Further, StatsNZ also produce a range of core inflation measures such as the trimmed mean
and weighted median. You may wish to view this information at:
Consumers price index: June
2022 quarter | Stats NZ.
Has any research gone into how Japan has managed to maintain low
inflation and interest rates within its economy and what if any policy
prescriptions have resulted in New Zealand from these learnings
RBNZ has not undertaken any research specific to the Japanese experience.
We intend to publish this response on the Reserve Bank’s website at:
www.rbnz.govt.nz/research-and-publications/official-information-requests. We do this in
order to improve transparency and provide an additional resource for anyone seeking
information.
You have the right to seek an investigation and review by the Ombudsman of this decision.
Information about how to make a complaint is available
at www.ombudsman.parliament.nz or
freephone 0800 802 602.
2
Yours sincerely
Janeca Miranda
Senior Advisor, Government and Industry Relations
Reserve Bank of New Zealand - Te Pūtea Matua