Latest / Best of Business / Liam Dann: NZ Herald business editor at large on food prices going up 0.6 percent in the year to July

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Liam Dann: NZ Herald business editor at large on food prices going up 0.6 percent in the year to July · Best of Business

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  Speaker 1: Use duple see Allen right.
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  Speaker 2: Sixteen past six. Now, food prices were up just a
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  Speaker 2: little bit, but petrol prices were down in the twelve
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  Speaker 2: months to July. The increase in food prices largely driven
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  Speaker 2: by higher prices for restaurant meals and ready to eat food,
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  Speaker 2: but veggie and fruit were down eight point five percent.
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  Speaker 2: And you can't complain about that. Liam dan Is, The
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  Speaker 2: Herald's Business editor at large.
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  Speaker 3: Alam, Yeah, yeah, is it a good news, right, a bit.
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  Speaker 2: Of good news. We've had two days of good news, Liam,
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  Speaker 2: This and this is Adrian and all and we're going
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  Speaker 2: to be partying in a minute.
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  Speaker 4: Is he?
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  Speaker 2: Is he at all interested in this?
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  Speaker 3: Yeah, that'll be they'll be, I guess pleased with that.
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  Speaker 3: I mean, it would have been a bit of a
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  Speaker 3: disaster if they'd been. And it's to me it's still
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  Speaker 3: a you know, I've been quite cautious. I think it's
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  Speaker 3: still a little bit of hand the mouth, you know, whatever.
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  Speaker 3: You know, nerve wracking period. You know, you don't want
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  Speaker 3: inflation bouncing back up when you're not officially under under three.
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  Speaker 3: But they seem very confident that they are, you know,
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  Speaker 3: like you could see the stuff in that data to day.
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  Speaker 3: It's the selected price index stuff. You know. At the
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  Speaker 3: front end, rents are starting to flatline even come down.
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  Speaker 3: So there's two measures there for rents, and the one
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  Speaker 3: where they count the new tendancy agreements is starting to
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  Speaker 3: show a trend downwards. People weren't you know, a lot
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  Speaker 3: of people weren't feeling that yet, but yeah, promising signs,
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  Speaker 3: I think, you know, And and economists have generally interpreted it.
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  Speaker 3: That and the electronic card transactions, which is another way
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  Speaker 3: of saying retail spending these days, seeing is no one's
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  Speaker 3: using cash, but you know that that was off of
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  Speaker 3: it too. So you know, we are probably just about
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  Speaker 3: ready to celebrate winning the war on inflation. You know,
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  Speaker 3: we'll celebrating in another recession.
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  Speaker 2: Yeah, there's always that. I forget that. You're an economist,
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  Speaker 2: so you need to well, you love your economics, got
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  Speaker 2: a big lass half empty the whole time.
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  Speaker 3: But it is interesting. It does mean that we're kind
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  Speaker 3: of you know, whatever, you whoever you look at the
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  Speaker 3: pandemic cycle, it's kind of coming to an end, So
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  Speaker 3: you know, whether it's you know, you look at the
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  Speaker 3: blame the pandemic itself, you blame some of the management
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  Speaker 3: or whatever through that period. Here we are just about
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  Speaker 3: back to something, you know, get out of recession in
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  Speaker 3: another three months and we might be able to say
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  Speaker 3: well things are normal, and we might have to say
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  Speaker 3: that for a very short time until, of course, something
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  Speaker 3: else will come along.
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  Speaker 2: Do you stop it, Liam, stop a whistill and celebration mode. Listen.
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  Speaker 2: On the petrol being down, is that basically because of
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  Speaker 2: the Auckland field tax coming off?
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  Speaker 3: Yeah, I mean petrol actually rose when you looked around
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  Speaker 3: the regions, it was up everywhere except Aukland, where it
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  Speaker 3: was down a tiny bit. So we didn't see a
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  Speaker 3: ten percent drop in Auckland, but I guess that's the
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  Speaker 3: way the oil markets went over that period. So yeah,
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  Speaker 3: eating up pretty quickly by global prices. But yeah, I
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  Speaker 3: was looking a bit down. That was probably to do
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  Speaker 3: with that tax coming off.
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  Speaker 2: Yeah, Liam, thank you very much, thank you for your time.
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  Speaker 2: Appreciate its Liam Down, the Herald's Business editor at large.
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  Speaker 2: Speaking of Adrian or just there he struggles a I mean,
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  Speaker 2: I suppose we all do to some extent, but he
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  Speaker 2: really really struggles to admit he got anything wrong. He
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  Speaker 2: was the Finance and Expenditure Select Committee this morning and
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  Speaker 2: it was the chair Stewart Smith.
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  Speaker 4: Your forecasts have been described as I think one hundred
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  Speaker 4: and eighty complete one hundred and eighty degree turn on
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  Speaker 4: the May forecast.
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  Speaker 2: Who got under Adrian or skin today?
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  Speaker 5: I can't give their time to that. That comment a
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  Speaker 5: U turn you might like, it's just wrong. That's why,
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  Speaker 5: so won't bother. There's no U turn.
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  Speaker 2: Yeah, it was was that wasn't going to put Stuart
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  Speaker 2: off Stuart. Stuart was Stewart out a point to make.
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  Speaker 2: So he said to Adrian or basically that inflation was
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  Speaker 2: as bad as it was because Adrian made it worse himself.
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  Speaker 2: And Stuart's bang on. And the point that he made
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  Speaker 2: is because Adrian kept on the funding for lending program
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  Speaker 2: for too long?
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  Speaker 4: Will you apologize to New Zealanders for that? I don't
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  Speaker 4: understand your logic. Sorry, So, yeah, we blew monetary policy.
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  Speaker 2: And it went on.
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  Speaker 4: The underlying hypothesis put on the table here is incorrect
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  Speaker 4: and it went on. So that's where I didn't understand
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  Speaker 4: your logic because they are running in opposite directions.
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  Speaker 2: I love I love that. Have you noticed there's a
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  Speaker 2: tactic for somebody as smart as Adrian, Right, he does understand,
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  Speaker 2: but he just goes they don't really get it, and
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  Speaker 2: he just plays dumb and then he doesn't have to
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  Speaker 2: answer the question. Now that we're onto, it could have
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  Speaker 2: used that to our advantage if we become toe to
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  Speaker 2: toe with him six twenty one.
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