Despite the price of goods and services rising sharply, new data confirms high business profits aren't the cause of inflation.

A study commissioned by BusinessNZ and Sense Partners found that profit margins were lower than pre-Covid figures.

Sense Partners economist Shamubeel Eaqub says the data speaks for itself- 'greedflation' is not to blame.

"What we've seen is our farmers, our manufacturers, most of our domestic economy- we've been through a pretty tough period where we've input a lot of inflation and cost increases. But they haven't been able to pass them on into prices."

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