A former finance minister says there's nothing to celebrate in the latest inflation figures. 

Inflation has fallen to 4% in the year to March. 

That's well down on the 4.7% recorded in the year to December but above the Reserve Bank's forecast. 

Steven Joyce told Mike Hosking that non-tradable inflation —on things like rents and rates that don't face foreign competition— has only dropped slightly from 5.9% to 5.8%. 

He says that's troubling for the Reserve Bank and the economy, and points to 'stagflation'. 

LISTEN ABOVE 

• Inflation falls to lowest rate since June 2021 - annual rate now 4 per cent
• Rent, rates, and insurance rises to blame for sticky inflation - economist
• Prices are easing but inflation's not yet under control