Annual inflation fell slightly in late winter and spring. 

The consumers price index (CPI) was up 1.8 per cent in the September quarter, for an annual rate of 5.6 per cent. 

That was below most market expectations. 

CPI at the previous quarter, ending June 30, was 6.0 per cent for the year. 

“Prices are still increasing, but are increasing at rates lower than we have seen in the previous few quarters,” Stats NZ consumers prices senior manager Nicola Growden said. 

Economists at big banks ASB and ANZ had forecast a slight uptick in the September quarter to 6.1 per cent. 

Westpac had forecast a 2 per cent quarterly rise, for an annual rate of 5.9 per cent. 

Bloomberg Economics had expected a 1.6 per cent quarter-on-quarter rise for an annual increase of 5.5 per cent. 

The New Zealand dollar eased slightly to US59.15c after the Stats NZ release, from US59.28c beforehand. 

Wholesale interest rates were little-changed, with the two-year swap rate staying at around 5.72 per cent. 

Earlier today 

It has been a sticky adversary for politicians and the central bank, and brutal for many shoppers and households. 

The Reserve Bank Governor has even called it “evil”. 

The data shows how much more - or less - Kiwis paid for everything from food and healthcare to education and transport services in the three months ended September 30. 

Although not a perfect measure of inflation, nothing is. 

And the CPI is widely regarded as the most accurate and comprehensive available measure of inflation. 

Despite last week’s news about falling food prices, some economists did not expect the quarterly inflation figures due out today to deliver much respite. 

Inflation shot up in autumn 2021 and annual rates of inflation kept rising until June 2022. 

Despite some slight declines, the CPI has remained stubbornly high since then. 

That was down from 6.7 per cent the previous quarter and close to economists’ forecasts but still “uncomfortably high”, according to Westpac’s Satish Ranchhod. 

Inflation shot up in autumn 2021 and annual rates of inflation kept rising until June 2022. 

Despite some slight declines, the CPI has remained stubbornly high since then. 

That was down from 6.7 per cent the previous quarter and close to economists’ forecasts but still “uncomfortably high”, according to Westpac’s Satish Ranchhod.