Inflation rate drops
The consumers price index (CPI) increased four per cent in the year to the March 2024 quarter, according to the latest figures from Stats NZ.
It meant inflation had cooled from the 4.7 per cent rise recorded in the 12 months to the December 2023 quarter.
Nicola Growden, consumers prices senior manager, says price increases in the March quarter were the smallest since June 2021.
“However, they remain above the Reserve Bank of New Zealand’s target range of one to three per cent,” she adds.
Housing and household utilities were the largest contributor to the annual inflation rate, due to growing prices for rent, construction of new houses and rates.
On a quarterly basis, the CPI rose by 0.6 per cent in the March 2024 period.
A breakdown of the data from Stats NZ shows the transport group fell 2.5 per cent quarter-on-quarter.
This included the purchase of vehicles slipping 1.5 per cent and passenger transport services tumbling 6.3 per cent over the same time frame.
Inflation for the transport group came in at two per cent in the 12 months to the March 2024 quarter, with vehicle purchase prices increasing just 0.5 per cent.
