WELLINGTON: The Reserve Bank of New Zealand (RBNZ) said on Thursday that its sectoral factor model of core inflation rose 5.7% year-on-year in the first quarter.

The country’s official statistics agency earlier in the day released figures that showed the consumer price index at 6.7% - lower than economists and the central bank had forecast but still at historically high levels.

Australia, NZ dollars keep rally alive before inflation test

Both measures are closely watched by the RBNZ, which has a monetary policy goal of keeping inflation within its target range of 1% to 3%.