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New Zealand’s inflation rate in the first quarter fell to its lowest level in nearly three years, official data showed on Wednesday.
The consumer price index rose 4 per cent in the March quarter, its lowest level since June 2021, the Stats NZ agency said. Prices rose 0.6 per cent quarter on quarter.
The numbers exceeded the Reserve Bank of New Zealand’s forecast of an annual rate of 3.8 per cent and a 0.4 per cent quarterly rise. Inflation remains above the central bank’s target range of 1-3 per cent.
Rents, housing and energy were the principal drivers of inflation, offsetting cheaper transport.