Inflation's already looking vulnerable, with the reality of worse economic blows still to come. 

Figures out today showed annual CPI unexpectedly held at 3.1 in this year's first three months, confounding expectations it would fall as low as 2.8. 

Economist Cameron Bagrie says the rate reflects what was happening to prices, just as the cost of fuel began to climb, when the Iran war closed the Strait of Hormuz. 

He says we'll get an inflationary hit in the June quarter, and a better starting position would have been preferable. 

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Inflation's already looking vulnerable, with the reality of worse economic blows still to come.&nbsp;
Figures out today showed annual CPI unexpectedly held at 3.1 in this year's first three months, confounding expectations it would fall as low as 2.8.&nbsp;
Economist Cameron Bagrie says the rate reflects what was happening to prices, just as the cost of fuel began to climb, when the Iran war closed the Strait of Hormuz.&nbsp;
He says we'll get an inflationary hit in the June quarter, and a better starting position would have been preferable.&nbsp;
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Cameron Bagrie: independent economist on New Zealand's CPI reaching 3.1 percent for the first quarter of 2026

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/e98b8c42-ef29-4e28-ae3d-b43300652e46/transcript