INFL.JUN09

What will June 2009 inflation be?

From the RBNZ inflation expectations survey:

"Expectations of the quarterly change in the CPI for June 2009 have fallen to 0.3 percent (a fall of 0.1 percentage points). A quarterly increase of 0.4 percent is expected for the September 2009 quarter. These quarterly increases are equivalent to annual rates of 1.6 percent for the year to June 2009 and 0.5 percent to September 2009."

Interesting... so why are the iPredict contracts trading a percent or so higher than this? Can't believe that time value of money would account for this, especially for June quarter which is published in less than two months.