Reserve Bank of New Zealand’s measure of core inflation at 1.7 percent year-on-year in second quarter

WELLINGTON (Reuters)- – The Reserve Bank of New Zealand (RBNZ) said on Tuesday that its sectoral factor model of core inflation was unchanged at 1.7 percent year-on-year in the second quarter.

The release came after the country’s official statistics agency released figures showing the consumer price index rose 0.6 percent quarter-on-quarter in the same period.

Both measures are closely watched by the RBNZ, which has a monetary policy goal of achieving 1 to 3 percent inflation over the medium term.