Weaker than expected inflation at the end of 2017 will see the Reserve Bank delay interest rate hikes for at least six months, ANZ is tipping.
Statistics New Zealand said on Thursday that the consumer price index (CPI) lifted by 0.1 per cent in the final three months of 2017, below the 0.4 per cent rise economists were expecting.
A sharp rise in petrol at the end of 2017 boosted the transport component of inflation, while construction prices also rose. However food prices dropped, as did a range of retail goods, including new cars, clothing and appliances, Stats NZ said.
The increase was lower than the rise at the end of 2016, meaning annual inflation dropped to 1.6 per cent, the lowest in annual rate in 12 months. At the end of September, inflation was 1.9 per cent.
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