Economic Weekly: Consumers feeling the pinch of soaring inflation

  • Q1 CPI inflation was slightly lower than we expected, however it is still the highest in more than 30 years at 6.9% p.a. 
  • The weakness relative to our forecast was largely due to a less than rapid lift in tradable prices which is likely to reverse next quarter
  • There is expected to be payback in Q2 with airfares and supply chain frictions set to boost prices

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Mark Smith

Senior Economist

Mark joined ASB in 2017, with over 20 years of public and private sector experience working as an economist in New Zealand and the UK.

His resume includes lengthy stints at ANZ and the Reserve Bank of New Zealand, and he has also worked at the Bank of England, HM Treasury and the New Zealand Transport Agency. Mark's areas of specialisation include interest rate strategy, macro-economic analysis and urban economics.

Born and bred in the Waikato, Mark studied at Waikato University where he graduated with a Master of Social Sciences, majoring in Economics.

Mark's key strengths are the ability to use his extensive experience, inquisitive nature, analytical ability, creativity and pragmatism to dig a little deeper and to deliver common sense solutions to tackle complex problems.

When not at work Mark likes to travel, keep fit and spend time with his friends and family.