Falling petrol and diesel prices were the main contributor to a 0.3 per cent decline in the consumer price index in the first quarter, that resulted in an annual inflation rate of just 0.1 per cent.
The Reserve Bank moved to a tacit easing bias, dropping reference to the prospect of higher rates, in the wake of the inflation data.
Prices received by sheep, beef cattle and grain farmers dropped 11 per cent in the first quarter, reflecting drought in some regions and higher rates of slaughter.
Prices received by dairy farmers dropped 4.6 per cent, as the farm-gate milk price fell further.
Farmers' input costs, measured by the farm expenses price index, declined 0.5 per cent, mainly on lower fuel prices.
Prices paid by meat manufacturers fell 8.8 per cent on lower prices for sheep and lamb, while prices they received fell 2.4 per cent on lower prices for beef and sheep meat exports.
Prices paid by dairy product manufacturers fell 3.3 per cent on the decline in the farm-gate milk price, while prices they received dropped 5.2 per cent on lower export prices for milk powder.
Construction industry prices were higher.
Prices received by construction companies rose 0.6 per cent in the quarter, mainly on higher prices for building new houses, while prices paid by the industry fell 0.3 per cent on lower fuel prices.
The capital goods price index rose 0.6 per cent in the first quarter, largely driven by the price of building houses, and was up 2.8 per cent in the year.
In the year ended in the March quarter, newly built house prices rose 5 per cent while in Auckland they gained 5.9 per cent.
Prices received by electricity and gas companies rose 1.9 per cent in the quarter as lower lake levels drove up electricity prices.
