Brian Fallow looks at the messages that Dr Bollard was trying to convey yesterday. The picture is a grim one
Rising mortgage rates, high oil and food prices, falling house prices and a tougher job market are expected to mean almost no growth in household spending for the next three years.
But inflation will get worse - much worse - before it gets better, hitting 4.7 per cent by September this year and not falling back below 3 per cent until the year after next.
