Breakfast briefing: Growth threat as inflation cools

In local currency, prices fell -2.9% from the prior event. Wheat production was up +14%, canola production was up +43%, sheep production was up +3%, and beef production was up +1%. But that is mainly due to lower bank profit results. And oil prices start today up +US$1.50 at just under US$80.50/bbl in the US while the international Brent price is just under US$86/bbl. That all means our TWI-5 starts today at 71.2, and up +30 bps since this time yesterday.