Annual inflation has remained at 7.2% in the December quarter, which is slightly higher than average forecasts, but there's evidence in the figures that the rate may be slowing. The RBNZ had been forecasting a domestic inflation rate of 7% as of December and an overall rate of 7.5%. Previously, the annual inflation rate hit a 32-year high of 7.3% for the June quarter of 2022 before dropping oh, so slightly to 7.2% as at the September quarter. In terms of the overall inflation figures Stats NZ said housing and household utilities was the largest contributor to the December 2022 annual inflation rate. Earlier in 2022 the annual rate of increase was running at over 18%.
