New Zealand's Bollard warns on inflation risks
Bollard told businessmen in Christchurch: "Inflation pressures in New Zealand have been significantly boosted by the shock to personal consumption from the housing boom and the rundown in household savings. Soaring global dairy prices have added to these pressures by boosting farm incomes. Higher prices for oil and other imported raw materials have also contributed through higher production costs. Soon New Zealand will be hit with yet another price shock as a result of the emissions trading scheme."
Many of the inflationary pressures were associated with the growing international presence of emerging economies. Price stability could no longer be taken for granted he warned.
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