RBNZ Governor Breman says fundamentals consistent with slower inflation; Not at all comfortable with having inflation at 3.1%

Governor Breman’s remarks indicate a cautious stance on inflation, signaling that the RBNZ is closely monitoring economic fundamentals that suggest slower inflation ahead.

Newsquawk StaffPublished 18 Feb 2026, 19:35 UTCOn the live feed at 19:15 UTC — 1 more headline followed before this page went public

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RBNZ Governor Breman says fundamentals consistent with slower inflation; Not at all comfortable with having inflation at 3.1%

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Wage growth is modest, have some spare capacity.
If the outlook for inflation changes, the committee will adjust policy stance to ensure inflation returns to the target.
There are uncertainties about how firms adjust their pricing behaviour as the economy recovers.
If the RBNZ see pricing behaviours adjust, a much stronger recovery that can sustain higher interest rates, the RBNZ would tighten earlier.
Rise in January food prices could be related to weather.

Context

His emphasis on potential policy adjustments in response to shifting inflation dynamics highlights a commitment to achieving targets, which may create uncertainty in interest rate expectations. Traders should keep an eye on the NZD and fixed income markets as any signs of pricing behavior changes could prompt an earlier tightening than anticipated.

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