The Reserve Bank is expected to leave the the cost of borrowing unchanged this morning.
Reserve Bank Governor Graeme Wheeler Photo: RNZ / Diego Opatowski
The central bank lifted the official cash rate to 3.5 percent in July but signalled a pause in further increases amid signs economic growth had peaked.
Since then, the slowing trend has become more noticeable.
Dairy prices have tumbled by nearly half from February's all-time highs, and analysts estimate that will cost the economy about $5 billion in income.
Confidence has also waned, while the housing market continues to cool, inflation pressures remain subdued and the dollar is still high.
Most economists now expect official cash rate rises to resume in March rather than December.