Photo: Screengrab / FacebookANZ chief economist Sharon Zollner told RNZ the increase in oil prices had been "quite exponential." Westpac chief economist Kelly Eckhold said petrol prices were on track to return to levels not seen since the invasion of Ukraine. "Consumer confidence in particular, I think, is often related to changes in fuel prices because that's a really frequently purchased item in the budget. He said the longer the conflict continued, the worse it would be for the New Zealand economy. But he was less convinced that it wouldn't mean higher interest rates.

Source: Otago Daily Times March 10, 2026 00:54 UTC