The expectation is inflation has been reined in
The expectation is inflation has been reined in
12 October 2024
Stats NZ figures show petrol is 14.9 percent cheaper than a year ago, and food has only risen 1.2 percent.
Fruit and vegetables are 8.3 percent cheaper, and the price of kumara and onion are down a third.
ASB Economist Mark Smith says he's confident the inflation rate next week will fall to 2.2 percent.
He says the economy is now certainly weak enough and it's a good sign the Reserve Bank's cutting the Official Cash Rate.
Smith says they'll need to keep cutting further to make sure inflation settles at the two percent mark.
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