Statistics New Zealand released its consumer price inflation data on late Wednesday evening. Consumer prices in New Zealand dropped 0.5% in the fourth quarter, missing expectations for a 0.2% fall, after a 0.3% increase in the third quarter.

The decline in consumer price inflation was driven by lower petrol and vegetables prices.

On a yearly basis, consumer price inflation increased 0.1% in the fourth quarter, missing forecasts of the 0.4% rise, after a 0.4% gain in the third quarter. It was the weakest rise since 1999.

Lower petrol prices weighed on the annual inflation.