Inflation is continuing to fall

Latest Stats NZ figures show the Consumer Price Index rose 3.3 percent in the year to June.

Today's rate is down from four-percent in the year to March this year - and well down from 7.3 percent annually to June 2022.

Economists had forecast inflation would land on 3.3 to 3.5 percent.

The Reserve Bank needs to see inflation back within a target range of one to three percent - and wants to see a sufficient drop in non-tradable inflation.

That all-important non-tradable rate was 5.4 percent -- down from 5.8 percent in March.