Inflation was higher than it should be, even before factoring in the full impact of the war on Iran.
Stats NZ data shows the inflation rate remained unchanged at 3.1% in the March quarter.
Internationally driven tradeable inflation dipped to 2.5% and the domestically driven non-tradeable rate was unchanged at 3.5%.
The Herald's Liam Dann told Kerre Woodham these figures come before fuel rises really kicked off.
He says it's disappointing we aren't heading into that crisis in a better position.
LISTEN ABOVE

Jenee Tibshraeny: NZ Herald Wellington business editor explains why insurance disputes have risen to record levels
05:28

Jeremy Hutton: Milford Asset Management expert on KMD Brands reporting $414 million loss
03:05

Danielle Forde: Northern Beaches buyers agent on Jacinda Ardern and Clarke Gayford reportedly buying $6.5 million Sydney home
03:11