Inflation has fallen to its lowest level since late 2021, but domestic pressures remain high.
Stats NZ says consumer prices rose 1.1 percent for the three months ended June, with the annual rate falling to 6 percent from 6.7 percent.
The figure was slightly above expectations, but just below the Reserve Bank's May forecast.
The main driver of the quarterly rise was food prices, with smaller lifts in the cost of building and running a house, which offset a fall in transport costs such as fuel.
The Reserve Bank does not expect inflation back in its target band until late 2024, which will keep the official cash rate at current levels for an extended period.
Last week the central bank left the official cash rate unchanged at 5.5 percent staying with the position it signalled in May, when it said said the current level of the OCR was having the desired effect of slowing the economy and inflation.
More to come ...
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