Adrian Orr said interest rates are returning to normal after being low during the Covid-19 pandemic.
The central bank is warning further rises to the official cash rate are coming.
Seven Sharp spent $100 at a supermarket and compared this to smaller retailer options to find out where you can get the best bang for your buck.
In response to recommendations by the Commerce Commission, the Government is rushing through a law change that would rip up covenants.
The Finance Minister has ruled out extending the conditional $350 payment beyond three months or extending it to those on the Winter Energy Payment.
Caps on first home grants have also been increased in most major cities, including Auckland, Hamilton, Tauranga, Wellington, Christchurch and Queenstown.
Political commentator Morgan Godfery says the $350 payment is a "necessary recognition that a large number of New Zealanders are doing it tough".
It comes the day before the the Government will reveal its spending plans for the next financial year in the Budget.
There also seems to be a specific day to avoid heading to the pump.
From today the grocery giant is set to lower and freeze prices on around 100 items in its stores across New Zealand.
The former MP feels the "supermarket barons will continue to spirit away profits year by year" otherwise.
It comes after competitor Countdown last week announced a price freeze on over 500 items.
National's leader is calling for the implementation of the Commerce Commission’s recommendations.
"This is a real issue for New Zealanders and people are paying a lot," the Commerce and Consumer Affairs Minister said.
Analysts are at odds over whether the Budget will do enough to help those struggling with rising costs.
Customers will find the price on staples such as tinned tomatoes, butter, cheese, sugar, flour and some vegetables won't be shifting.
But the country's biggest bank sees challenges ahead amid rising inflation and interest rates.
The Reserve Bank says high house prices, the war in Ukraine and the Omicron outbreak, mean risks to the financial system have increased.
"We wouldn't do it ourselves so the answer is to create more fairness in the system," the National Party leader said.
Wiremu Bayliss would usually budget between $150 to $200 for his weekly grocery shop - but's that's risen dramatically.