New Zealand consumer inflation at two-year low

Consumer inflation in New Zealand hit a two-year low in the third quarter. Statistics New Zealand data on Tuesday showed consumer prices rose 5.6 percent from a year earlier, slower than the 6 percent increase in the second quarter. While prices of everything from food to housing rose, the figure was still well above the central bank’s target range of 1 percent to 3 percent. The New Zealand dollar fell 0.44 percent to $0.5903 as the data supported views that the Reserve Bank of New Zealand may not raise interest rates at its November meeting. Stocks rose slightly, with the S&P/NZX 50 index up 0.07 percent. The country elected former businessman Christopher Luxon as its next prime minister over the weekend.