The cost of living is not expected to capture the Reserve Bank's concern until well into next year, when inflation is likely to creep up.
Economists now widely expect the central bank to keep interest rates on hold until mid-2012, after lower-than-expected inflation figures proved New Zealand's economy is still struggling with slow growth.
Statistics New Zealand says annual inflation, measured by the consumer price index, fell from 5.3% in the June quarter to 4.6% in the following three months.
ANZ chief economist Cameron Bagrie says the economy's kick start with the rebuilding of Christchurch is still on the horizon, but the Reserve Bank will be more concerned with the debt crisis unfolding in Europe and the United States.
Mr Bagrie says because domestic inflation is benign, the Reserve Bank is not under pressure to raise the Official Cash Rate, which he says is likely to remain on hold at 2.5% until the middle of next year.
