Asia-Pacific News
Inflation tame in New Zealand, interest rates likely to remain low
Jan 18, 2012, 22:58 GMT
Wellington New Zealand's consumer prices unexpectedly fell in 2011, according to figures from Statistics New Zealand released Thursday.
The consumer price index fell 0.3 per cent in the three months ending Dec. 31, reducing the annual inflation rate to 1.8 per cent and making it likely the Reserve Bank will hold interest rates at record lows.
The fall in prices was well below the 0.4 per cent rise forecast in a Reuters survey of economists, who predicted the annual pace of inflation would be 2.6 per cent.
Lower food prices, cheaper telecommunication costs and large discounts for retail goods in a flat economy all led to the overall fall in prices.
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