Business confidence remains exceptionally strong despite a pullback, but rising inflation and wage signals are emerging as a key risk. Summary:New Zealand business confidence eased in January but remains at extremely elevated levels, according to ANZ’s latest survey. Wage pressures are picking up modestly, with more firms reporting wage increases and higher expected wage growth. ANZ said headline business confidence fell 10 points to 64, following December’s surge to 74, a level the bank noted was unlikely to be sustained. Cost expectations also continued to edge higher, particularly in construction and retail, and one-year-ahead inflation expectations lifted to their highest level in 15 months.