The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. “The fall in the March quarter CPI, which last happened in 2001, was caused by an 11 percent fall in petrol prices. Without petrol, the CPI rose 0.3 percent," prices manager Chris Pike said. The average price of a litre of 91 octane petrol in the March 2015 quarter was $1.79, compared with $2.00 in the previous quarter. By the end of the ... (full story)