A former finance minister says there's nothing to celebrate in the latest inflation figures.

Inflation has fallen to 4% in the year to March.

That's well down on the 4.7% recorded in the year to December but above the Reserve Bank's forecast.

Steven Joyce told Mike Hosking that non-tradable inflation —on things like rents and rates that don't face foreign competition— has only dropped slightly from 5.9% to 5.8%.

He says that's troubling for the Reserve Bank and the economy, and points to 'stagflation'.

LISTEN ABOVE

A former finance minister says there's nothing to celebrate in the latest inflation figures. 
Inflation has fallen to 4% in the year to March. 
That's well down on the 4.7% recorded in the year to December but above the Reserve Bank's forecast. 
Steven Joyce told Mike Hosking that non-tradable inflation —on things like rents and rates that don't face foreign competition— has only dropped slightly from 5.9% to 5.8%. 
He says that's troubling for the Reserve Bank and the economy, and points to 'stagflation'. 
LISTEN ABOVE

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Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.The sharpest voice and mind in the business, Mike drives strong opinion,...