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But others see only a breather before a surge of buy cheap tramadol tramadol ultram cash and vote buying promises from politicians reignite domestic spending before the economy has time to rebuild some spare capacity. Meanwhile the turmoil in global credit markets which overshadowed the September statement has yet to run its course, which all else being equal would keep the Reserve Bank in wait and see mode and interest rates on hold. Food price inflation is running at an annual rate of 3.6 per cent and petrol prices have risen 9 per cent over the past three months alone. Advertisement Advertisement "All the indications are inflation rates next year will have a 3 in front of them," ASB chief economist Nick Tuffley said. "So the Reserve Bank has lost its headroom for the next 12 months. And inflation expectations have edged up." With unemployment at 3.5 per cent the labour market remained tight and earlier signs that by some measures wage inflation had peaked had proven a false dawn, Tuffley said. Westpac expects the peak in inflation in the September quarter next year to be around 3.9 per cent. Higher prices at the petrol pump would leave people with less to spend on other things, a disinflationary effect, but would also cause a spike in the inflation rate in the near term. While the Reserve Bank could ignore the direct price impacts of the increase, it would need to lean against the second round effects as businesses seek to recoup their increased transport costs, and employees seek compensation for the squeeze on their incomes. "We are expecting a hawkish statement that foreshadows interest rate hikes next year, albeit conditionally," Westpac economist Dominick Stephens said. "There is no way they will be able to achieve inflation under 3 per cent without further rate increases." Hopes that buy cheap tramadol tramadol ultram farmers would apply the coming jump in the Fonterra payout largely to debt reduction look increasingly forlorn. "Retail sales in rural areas have gone ballistic before they even get the money," Stephens said. "While urban consumer spending has softened we expect that to go into reverse as the buy cheap tramadol tramadol ultram payout flows through." Bank of New Zealand head of research Stephen Toplis takes a less sanguine view of the outlook for consumer spending, which makes up more than 60 per cent of the economy. Next page Pages: 1 | 2 View as a single page ... buy cheap tramadol tramadol ultram