"Most inflation indicators eased. Inflation expectations inched a little lower, and the proportion of firms expecting to raise their prices and wages also fell. However, the proportion of firms expecting costs to increase in the next three months remained stubbornly high," she said. Zollner said the Reserve Bank (RBNZ) perceives "widespread sogginess" across the economy, "making them more relaxed about the extra stimulus being provided by super-strong net migration and more fiscal spending this year than anticipated". "We also survey firms’ expected costs in three months’ time relative to today.

Source: New Zealand Herald May 31, 2023 05:29 UTC