Uncertainty around where inflation will head next

The Consumer Price Index rose 2.2 percent in the September quarter - bringing annual inflation to 4.9 percent.

Finance Minister Grant Robertson says he's confident it won't continue.

ANZ chief economist Sharon Zollner says there's global debate on whether current inflation is temporary, persistent or permanent.

She says they believe inflation will peak around the end of this year - in the five percent range.

But she says peaking doesn't mean prices will start to come down - inflation of zero just means prices aren't going up.