This episode featured as part of the Agribusiness segment in partnership with BNZ.

BNZ Chief Economist, Mike Jones, says New Zealand inflation rose 0.9% in the first quarter for an annual read of 3.1%, firmer than the 2.9% markets expected. He says the data predates the current conflict.

He says the result was broad-based.

“The two big real contributors were food and transport, which will of course surprise no one, but actually it was pretty widespread if you look at those price increases through the quarter.”

He says inflation will spike towards 4.5% in the second quarter when fuel price lifts register, with markets pricing a rate rise by July, though BNZ still picks September.

“The numbers we got today were mostly about setting the starting point, more like the curtain raiser, and even then probably a bit firmer than we would have liked.”

This episode featured as part of the Agribusiness segment in partnership with BNZ.

This podcast is solely for information purposes. It’s not financial or other professional advice. No party, including BNZ, is liable for direct or indirect loss or damage resulting from the content of this podcast.

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