On Wednesday, Stats NZ confirmed the consumers price index (CPI) inflation was back under three per cent for the first time in over three years.
The plunge was almost wholly due to offshore prices, with tradeable inflation dropping 1.6 per cent in the year to September.
Domestic inflation continues to be high, at 4.9 per cent, bolstered by high rents and rates.
Still, the headline rate of 2.2 per cent in the year to September - and 0.6 per cent for the quarter - is good news for Kiwis, who have suffered through soaring inflation in the aftermath of the COVID-19 pandemic.
Wednesday's figures were widely tipped by economists and the Reserve Bank of New Zealand (RBNZ), which aims to keep inflation between one to three per cent.
CPI was last in the RBNZ's target band in the year to March 2021.
The lower figure is a green light for the central bank to continue easing interest rates.
After hiking the official cash rate (OCR) to 5.5 per cent for 18 months, effectively engineering an economic slowdown to bring inflation down, the RBNZ has already moved the cash rate to 4.75 per cent.
Further cuts have been signalled, including a likely 50 basis points at the year-ending November meeting that would see New Zealand's OCR marginally below Australia's cash rate target of 4.35 per cent.
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