SYDNEY: The Reserve Bank of New Zealand (RBNZ) said on Wednesday that its sectoral factor model of core inflation rose 5.8% year-on-year in the second quarter.

The country’s official statistics agency earlier in the day released figures that showed the consumer price index hit 6.0%.

That was slightly above expectations, driving swap rates higher as the market pushed out expectations for when the central bank might start cutting the cash rate.

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%.