Up 1% m/m after a 0.8% fall last month
On a y/y basis the index is down 11.7%
–
In NZD terms +2.5% m/m and -3.5% y/y.
–
A small country with an open economy can benefit from a floating exchange rate. If its terms of trade fall (for example, the prices it gets for it exports declines due to a fall in the global dairy price like the case for NZ) declines in the currency can somewhat ‘cushion’ the decline in income.