New Zealand's on track to have two-percent inflation by year's end

Stats NZ data reveals a mostly flat October.

Monthly food prices fell point-nine percent - and annual fuel prices dropped 13.9 percent from last year.

ASB senior economist Mark Smith says this should let the Reserve Bank cut the OCR 50 basis points - but wider factors still have a role.

He says the global inflation backdrop is unlikely to be as benign in 2025 - so economists would like the Reserve Bank to tread more carefully with OCR cuts next year.