Gareth Kiernan: Infometrics Chief Forecaster says the inflation cycle will be much harder to beat than previously expected

Bad news for the economy and bad news for those holding out hope for lower interest rates. Economic consultancy Infometrics says while the economy has probably been in recession since late last year, there's very little evidence inflationary pressures are starting to ease. It's now forecasting the Reserve Bank will need to lift the Official Cash Rate to 5.75 percent. Chief Forecaster Gareth Kiernan told Tim Dower the inflation cycle will be much harder to beat than previously expected. LISTEN ABOVESee omnystudio.com/listener for privacy information.