Satish Ranchhod: Westpac Senior Economist on the latest inflation numbers, OCR

Inflation is easing but further Official Cash Rate hikes are probably unavoidable.  Latest Stats NZ data shows the prices of diesel and petrol have been steadily falling for three consecutive months.  Diesel inflation's fallen to 34.8%, petrol inflation's fallen to 15.1%, electricity inflation's fallen to 9.5%, and food inflation is now just 1.9%.  But Westpac senior economist Satish Ranchhod told Ryan Bridge overall inflation is still well above 3%.  He says the Reserve Bank is probably going to have to raise the OCR a couple more times this year.  LISTEN ABOVE  See omnystudio.com/listener for privacy information.