Producer prices have slipped, driven by lower electricity and gas supply prices.
Official figures show input prices, which is a measure of wholesale inflation, declined 0.3% in the three months to December compared with the previous quarter, while output prices slipped 0.1%.
Statistics New Zealand said lower electricity generation costs are behind the fall, which in turn is due to fuller hydro lakes, lower prices and subdued energy demand.
On an annual basis, input prices fell 0.5%, while output prices fell 0.8%, the largest annual decrease since 2009.
Separately, the capital good price index remained unchanged in the December quarter, with higher houses and civil construction prices offset by lower prices for plant and machinery and transport equipment.
For the year, the capital goods index rose 0.9%.