It’s believed businesses will hold off on hiking prices for as long as possible as rising fuel prices risk pushing inflation up.  

Reserve Bank Governor Anna Breman says fuel prices are likely to lead to higher inflation and weaker growth over the coming months. 

She says it's too early to say how much that will push up inflation across the board, or whether the Official Cash Rate will need to be hiked earlier than expected. 

BusinessNZ Advocacy Director Catherine Beard told Ryan Bridge there was discussion with suppliers to make any price increases as a result of fuel transparent, so they won’t get baked in. 

She says businesses are preparing for the worst, but things at the moment aren’t too bad.  

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