Inflation slows in New Zealand to its lowest rate since 2021

WELLINGTON, New Zealand (AP) — Inflation in New Zealand has slowed to its lowest rate in two and a half years the country’s official statistics agency has announced. Stats NZ revealed the latest consumers price index (CPI) data had slowed to 4.7% across 2023, a significant drop from the 5.6% result in the year to September 2023. The agency said falling food and transport prices were the main drivers of the slowdown in the inflation rate which had peaked at 7.3 per cent in 2022. The better than expected slowdown all but ends any speculation of a further hike of the official cash rate.