Mark Smith: ASB Senior Economist on the data showing inflation is cooling as fuel prices drop

While further OCR hikes are probably on the way, inflation now appears to have turned a corner. 

Latest Stats NZ data shows diesel inflation's fallen to 34.8% and petrol inflation's fallen to 15.1%, with prices for both dropping for three consecutive months. 

Electricity inflation's back down to 9.5% and food inflation's now just 1.9%. 

ASB Senior Economist Mark Smith told Mike Hosking inflation appears to be falling from the peak reached last quarter. 

He says the numbers are very positive. 

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