In what is being described as a big surprise, the annual inflation rate has barely changed from a 32 year high.

Consumer prices rose 2.2 percent in the three months ended September, driven by higher food and housing costs, taking annual inflation to 7.2 percent. I

t was widely speculated the number would drop below 7 percent, but instead, the figure moved down by just 0.1 percent.

Stats NZ says that despite a fall in global fuel prices, rises in the price of housing construction, airfares and veggies had largely offset the relief.

It's Senior Manager for Pricing, Accommodation and Construction, Nicola Growden spoke with Māni Dunlop