Nick Tuffley: ASB Chief Economist on the inflation rate staying steady at 3.1%, when the OCR may be lifted

The Reserve Bank may have to hike the OCR sooner than expected, with inflation tracking higher than forecast.  Inflation remains at 3.1% – unchanged on three months ago.  ASB economists say the central bank could be facing a "nightmare scenario" of soaring inflation, against the backdrop of a fragile economy.  Chief Economist Nick Tuffley told Ryan Bridge it’s increasingly likely the Reserve Bank will start lifting the OCR around July.  He says they believe it will wind up around 3.25% – a more neutral level for the rate.   LISTEN ABOVE See omnystudio.com/listener for privacy information.