Westpac estimate “that consumer prices rose by 1.8% in the September quarter. While that would see the annual inflation rate slipping from 7.3% last quarter to 6.9%, we’re still left with a picture of rapid increases in consumer prices.”

• “The September quarter saw large increases in food prices and housing related costs. Those increases were only partially offset by the easing in fuel prices.”
• “Measures of core inflation are expected to remain elevated reflecting the strong and widespread price pressures rippling through the economy.”
• “Our forecast is higher than the RBNZ’s last published forecast. A result in line with our forecast would reinforce the recent rise in market pricing for the OCR.”