We have a domestic inflation problem

Food price inflation is still going up. (Image: Getty)

Fri, 21 Oct 2022

You might not know it from the reaction, but inflation actually eased in the third quarter of 2022.The 7.2% increase was down from 7.3% in the second quarter. So, inflation does appear to have peaked, as expected by most economists.Crucially, however, the rate did not fall by anywhere near as much as was expected by the Reserve Bank of New Zealand, which had projected annual inflation of 6.4% in the third quarter in its most recent set of projections back in August.The overshoot increases the likelihood of official cash rate (OCR) increases bey...

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