By RNZ
The rising cost of living appears to have peaked, with Kiwibank’s chief economist saying inflation will be closer to three per cent by the end of the year.
The latest figures show annual inflation falling to 6.7 per cent from just over 7 per cent - a drop that was well below forecasts.
Kiwibank chief economist Jarrod Kerr said prices were moving in the right direction, and by the end of the year inflation rate should be close to three per cent.
“Inflation in New Zealand has peaked.