Inflation may not remain as high, for as long, as previously expected.
The Reserve Bank's latest survey of business managers suggests inflation will return to a more normal level over the next year.
Latest data from Infometrics and Foodstuffs suggests food price inflation has already eased, with grocery supplier cost inflation now back down to 1.9%.
Infometrics Principal Economist Brad Olsen told Ryan Bridge although things are fine right now, the worry is it feels like we’re in a holding pattern.
He says we don’t know what’s going to happen globally, and there’s been a spike in shipping costs over the last few months that they worry might have a second wave effect eventually.
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