WELLINGTON, Jan. 20 (Xinhua) -- New Zealand's annual inflation rate fell to 3.4 percent in the fourth quarter in 2008, mainly due to a drop in petrol and diesel costs, Statistics New Zealand said on Tuesday.
The price of petrol during the fourth quarter fell 22.4 percent and diesel 26.9 percent, helping push down transport prices overall by 7.6 percent, Statistics New Zealand said.
The consumers price index showed inflation for the quarter was 0.5 percent lower than for the previous three months.
During the fourth quarter, food prices rose 1.5 percent, with the main contribution coming from higher prices for meat, poultry and fish.
Housing and household utilities prices rose 0.6 percent, driven by higher prices for electricity.
Financial experts said a big interest rate cut next week is now all but certain, as the latest Consumer Price Index confirms a big slump in inflation.
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