Fiscal Discipline Critical During Global VolatilityHon Nicola WillisMinister of FinanceToday’s inflation figures show the impact of the global oil price shock, while reinforcing the Government’s prudent response to global volatility, Finance Minister Nicola Willis says. Stats NZ’s Consumers Price Index showed inflation was 4.1 per cent in the 12 months to the end of June. Stats NZ reports that without changes in petrol and diesel prices, annual inflation would have been 2.9 per cent, within the Reserve Bank's target range for inflation. Higher global oil prices drove much of this quarter’s inflation increase, rather than a broad surge in prices across the whole economy,” Nicola Willis says. “There are encouraging numbers in this release, with annual food price inflation falling from 4 per cent to 2.8 per cent.