According to Jinshi, New Zealand's inflation slowed to its lowest level in nearly three years in the first quarter, with the annual inflation rate falling to 4% from 4.7% in the fourth quarter of last year. This is the lowest level since the second quarter of 2021, in line with economists' expectations. The consumer price index rose 0.6% from the previous three months, also in line with expectations. Last year, the New Zealand Reserve Bank's tight monetary policy pushed the economy into recession, but policymakers are reluctant to consider cutting interest rates unless they are sure that inflation will return to the target range of 1-3%.
