In the three months ending June, New Zealand's inflation slowed more than expected, increasing the likelihood of the official cash rate being cut as early as next month. Data shows that New Zealand's CPI quarterly quarter-on-quarter growth in the second quarter was 0.4%, and the year-on-year growth was 3.3%, which was lower than the Reserve Bank of New Zealand's expected 3.6%. If New Zealand does not follow Canada and the European Central Bank's rate cuts, it may be left behind, which will affect the competitiveness of New Zealand's currency and exporters. However, the Reserve Bank of New Zealand's forecast for the official cash rate suggests that it is unlikely to be cut before August 2025.