The March quarter inflation result is set to be another monster. We’re forecasting that consumer prices rose by 1.9% in the three months to March. Coming on top of the large price increases that we saw last year, that would take the annual inflation rate to 7.0%, up from 5.9% at the end of last year and the highest annual inflation rate since the GST related spike in 1990. {chart} Much of the rise in consumer prices seen in recent months is a result of high international oil prices. There have also been large increases in the prices for fresh produce and other food products. But the high level of inflation isn’t just ... (full story)