"Today's monthly CPI data reinforces expectations that inflation peaked in late 2022. It is encouraging that the monthly indicator points to an annual rate of 6.8% in the twelve months to the end of February which is already close to the Reserve Bank's latest forecast of a 6.7% CPI rate for the year to the end of June," Innes Willox, Chief Executive of the national employer association Ai Group said today.
"With GDP growth declining and consumer spending flat, there are clear signs the economy is slowing. We appear to be on track for further falls in inflationary pressures over the period ahead.
"While today's data is encouraging, the task of navigating the narrow path between reducing inflation while ensuring a soft economic landing remains the leading challenge both for monetary and fiscal policy.
"The data reinforces the need for continued price and wage moderation and will add to arguments for wage restraint in the coming National Wage Review," Mr Willox said.
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