Inflation to March was 4.0%pa, down from 4.7%pa in December - its lowest rate since June 2021. At first blush, this appears to be a great result and, while lower inflation is something to celebrate, there were still pockets of concern.
Labour productivity fell by 0.9% during the March 2023 year - the largest fall since 2009. This is one of the most disgusting economic statistics that I have seen in a long time, and it's disappointing.
Why on earth does a moderation to food pricing pressures concern me? Well it is because a big part of the decline has been driven by a weakening of fortunes for key export commodities.
I can scarcely believe that my economic consultancy has turned 5. Since 2019, I have worked on hundreds of projects for a large range of clients. These projects have spanned the length and breadth of New Zealand, and have even included some forays abroad.