NZ Inflation should spark fear of Orr lifting by 100 points
The market screamed that inflation has peaked.
On and on and on they scream.
They claimed inflation had peaked in March of last year, and yet here we are with the same 7.2% inflation.
The market claimed inflation would go down, the RBNZ thought it would go up, we are stuck now in this argument between the market who are begging for a reduction in OCR because they are totally addicted to low interest debt and the Reserve Bank desperately trying to reign it all in.
With food inflation at a 30 year high of 11.3%, with the petrol subsidy due to come off next month, with the war in Ukraine continuing, with Covid shut down in China and with Biden unable to tap the Oil reserves that saw the American inflation drop, Orr knows this is just a pause before hyper-inflationary forces explode.
He has no choice but to consider a 100 point rise next month because if he doesn’t, the market won’t believe him and those hyper inflationary forces will take over again.
We are in a very precarious state globally and domestically.
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You have excelled yourself today; inflation, Covid, foot and mouth. I wonder whether there is any point in continuing to live.
If you don’t believe that we live in the est times in all of human history then you don’t deserve to comment.
It was a genuine LOL from me on your comment Charlie. Foot & Mouth really was the clincher in the woe is us stakes. Can things get–much–fucking–worse? And no Frankus, big sauzage, & Ben, Natzos will not save your miserable arses.
Humans are actually lucky to be here at all of course. given the odds on any of us actually being born and surviving a reasonable number of years.
https://www.huffpost.com/entry/probability-being-born_b_877853
To be fair Martyn you screamed inflation would be double digits by December 22 from memory ( apologies if you didn’t). Your partner in crime Damien Grant seems to call it fairly well.
I guess with weather events seemingly becoming the weather who knows
Any such rise in interest rates would subsequently lower food and petrol prices as government revenue remains about the same and as supply chains strengthen.
The focus should be to continue Jacinda Ardern’s legacy of increasing our trade capacity with other nations.
Regardless of what he does, the coming years do not look good — a huge global recession seems inevitable.
That means another bailout will be coming, which will mean more money printing. A disaster for wages, and equally disastrous effects on unemployment.
This is excellent political news!
The “I’m not interested in politics” type of kiwi needs be hit hard in the wallet to wake them up to what’s been going on for the last 5 years.
Aotearoa still has the lowest inflation in the world and is lower than Australia. Luxon and Willis used to keep asking Jacinda how come Australia has a lower inflation than Aotearoa. Now the NATZACT and the right wing News and written media never mention these figures. Labour now need to ditch the kindness mantra and be more aggressive mongrel electioneering and show up Luxon and his worst/weakest National Party ever.
I don’t know about your “Aotearoa” (the North Island?), but the last inflation print for N.Z. was 7.2%. Nowhere near “lowest in the world”.
Macau had 0.8% inflation and China had 1.8% inflation. South Sudan actually had deflation (probably due to natural disaster).
Willie,still breathing.
Care thing like,humanity,how you socialist,people else say communist, ever had the choice or care.
Ever had being like socialist,what a thing to care, then say,if you have never the pleasure had,what ignorance of your being.