Expectations for New Zealand's one-year-ahead annual consumer price index (CPI) growth fell to 2.99% in the September quarter, according to the Reserve Bank of New Zealand's (RBNZ) survey published on Friday.

The survey seeks to understand the economic outlook held by key decision makers from a representative sample of businesses and organizations in New Zealand.

Two-year-ahead CPI growth expectations decreased to 2.55%, while five-year-ahead CPI growth expectations decreased to 2.48%, and 10-year-ahead CPI growth expectations to 2.51%.

One-year ahead, two-year ahead, five-year ahead, and 10-year ahead annual CPI growth expectations in the June quarter were 3.68%, 2.87%, 2.72%, and 2.94%, respectively.

One-year-ahead unemployment rate expectations also fell to 5.22% in the September quarter from 5.5% in the June quarter, and two-year-ahead unemployment rate expectations decreased to 4.89% from 5.25%.

Expectations for annual wage growth over the next one year increased to 2.82% from 2.81%, while expectations for the next two years fell to 3.02% from 3.1% in the previous quarter.