RBNZ members Hailey Goulley, Assistant Governor Silk, member Prasanna Gai and Chair Breman said inflation carries upside risks relative to the central forecast.

Copper fell for a second session, joining declines across base metals, after oil's third straight gain heightened concerns about the global growth outlook. LME three-month copper, which closed at a record high last week, slipped below $14,200/tonne. Escalation in US–Iran violence and renewed uncertainty over reopening the Strait of Hormuz supported crude. Industrial metals were strong in August on tight supply; copper is up nearly 4% for the month. A hawkish speech by Fed Chair Kevin Wash on Friday, combined with the geopolitical flare-up, pushed markets to price a higher probability of Fed rate hikes to rein in inflation — a dynamic that could slow growth and curb industrial commodity demand.

数据显示，上个月西班牙因高温导致2149人死亡。