The Reserve Bank of New Zealand’s (RBNZ) quarterly survey of expectations showed that business managers forecast inflation at 2.28% for the next two years in Q3 2025, edging down from 2.29% in the previous three-month period. Additionally, one-year inflation expectations eased to 2.37% from 2.41%. Meanwhile, longer-term projections showed that five-year-ahead inflation expectations increased to 2.26% from 2.18%, while ten-year expectations remained unchanged at 2.15%. As for interest rates, respondents forecast the Official Cash Rate (OCR) to be at 3.02% by the end of the September 2025 quarter, declining further to 2.86% by the end of the June 2026 quarter.
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