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New Zealand inflation lowest in 16 years

New Zealand's economy is hovering just above deflation according to official figuresNew Zealand was hovering just above deflation according to official figures released Wednesday, which showed a lower-than-expected inflation rate of 0.1 percent for the past year. The figures, released by Statistics New Zealand, sent the New Zealand dollar down by about half a cent to 64.14 US cents. The Reserve Bank of New Zealand, which has a target inflation band of 1.0-3.0 percent, cut the official cash rate four times last year to a record low of 2.5 percent, and further cuts are now expected.

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