NZ Inflation Returns to Target, Eases Pressure on Reserve Bank

After over two years, inflation in New Zealand has returned to levels desired by the Reserve Bank of New Zealand (RBNZ). According to Statistics NZ, the Consumer Price Index (CPI) rose by 2.2% in the year ending September 30, compared to the same period last year. Although prices are still increasing, the pace has slowed, as noted by Nicola Growden, consumer prices manager at Stats NZ. On a quarterly basis, CPI grew by 0.6%, slightly below the RBNZ's forecast of 0.8%. The annual inflation rate also came in just 0.1% under the RBNZ's projection, providing some relief to policymakers as inflation eases back into the central bank's target range.

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