Inflation appears to have plummeted

New analysis by ASB estimates inflation in the year to August was just 1.1 percent -- the lowest inflation rate since 2016.

Stats NZ figures show food prices have risen 0.4 percent, due to rising prices for brunches, burgers, takeaway coffees, olive oil, chocolate and butter.

However, fuel, airfares and accommodation have all been getting cheaper.

ASB says it's increasingly confident inflation is back within the Reserve Bank's one to three percent target range, making further OCR cuts more likely.