Food prices have fallen slightly

Stats NZ data shows in the month of March, prices dropped 0.5 percent compared to February.

In the year to March they increased 0.7 percent -- the smallest increase since April 2021.

ASB senior economist Mark Smith says airfares have also fallen -- but petrol and rents have seen increases.

He says when it comes to CPI for the first quarter, they expect a 0.7 percent rise in the quarter, with annual inflation cooling to 4.1 percent.