OCR Pause while food inflation explodes to 12.5% – I thought Orr proclaimed inflation tamed?

Food inflation surged from 12.1% to 12.5%…

Cost of living: Food price inflation up again, leaping 12.5 per cent in one year

Food prices have kept rising rapidly, with fruit and vegetables 22 per cent more expensive in June than a year earlier.

New Stats NZ data showed overall food prices increased 12.5 percent in the year ending June.

…which is funny because Orr said inflation had peaked!

All the Capitalists want to pretend inflation has peaked so that they can get back to the orgy of capitalism they know and love, the reality is that the just in time supply chains and geopolitical tensions between America and China mean free market capitalism as enjoyed pre-Covid are too damaged and that we are now importing inflation.

These food inflation prices we are seeing in NZ don’t include the extra 30cents petrol tax or the impact of the cyclones on food production.

Add in a heat wave melting the North and the Peakers are wrong, there is more damage coming.

 

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