Shares rise as investor try to pick inflation peak

The S&P/NZX 50 Index rose 16.5 points, or 0.1%, to 11,891.58. Turnover was $128 million.

BNZ interest rate strategist Nick Smyth said global interest rates had stabilised overnight on hopes inflation may be close to peaking.

US inflation data recently came in a little hotter than expected with headline inflation at 8.5%, but core inflation – which removes volatile food and energy prices – slowed.

This has some investors predicting inflation may begin to come under control, particularly with central banks beginning to tighten monetary policy.