NZ CPI lower in 4Q

New Zealand's consumer price index fell in the fourth quarter from the previous three-month period for the first time in two years, data released Thursday showed, adding to the likelihood that the Reserve Bank of New Zealand will hold its benchmark interest rate at its current low level for some time yet.

Statistics New Zealand said Thursday the consumer price index fell 0.3% on the quarter in the three months ended Dec. 31, following the third quarter's 0.4% rise. On the year, the index rose 1.8%.

The market had been expecting a rise of 0.3% on the quarter and 2.6% on the year, according to a Dow Jones Newswires poll of 14 economists.

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