Annual inflation, as measured by Statistics NZ's consumers price index (CPI), remained at 3.1% in the March quarter for the second consecutive quarter, continuing to be a touch above the Reserve Bank’s (RBNZ) 1% to 3% target range. Electricity – up 12.5% – was the largest contributor to the annual inflation rate. Statistics NZ prices and deflators spokesperson Nicola Growden said this was the third quarter in a row electricity was in this position. “Higher electricity prices accounted for more than a tenth of the 3.1% annual increase,” Growden said. Other drivers to the annual CPI increase were local authority rates ... (full story)