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Inflation could spiral even higher.
Reserve Bank Governor Adrian Orr admits to being caught on the back foot by supply chain woes, and the war in Ukraine.
The man who used to hold his job through the 90s, Don Brash, says Orr has a major inflation issue on his plate.
He told Tim Dower if the inflation number tomorrow is seven percent or above, it will be the highest since 1988.
Brash says the risk is, with reports of high inflation, people will start behaving accordingly, by demanding higher wages, which will make the problem worse.