Yes and no.
Reported non-tradeable inflation rose from 1.5% in December to 1.7% in March 2023 (but still down from 2% QoQ in Sept.22).
Seasonally adjusted it continues to rise and is at a high point.
Where'd you get the 4.8% anyway? 1.7% QoQ annualised remains 6.8%.
QoQ NT Raw S.A. Jun-20 0.0 0.3 Sep-20 0.6 0.4 Dec-20 0.7 0.7 Mar-21 0.7 0.8 Jun-21 1.2 1.4 Sep-21 1.8 1.5 Dec-21 1.5 1.5 Mar-22 1.5 1.6 Jun-22 1.4 1.6 Sep-22 2.0 1.7 Dec-22 1.5 1.6 Mar-23 1.7 1.7
Or were you looking at headline? Didn't look, rbnz rightly or wrongly tend to set their policy based on non tradeable and core inflation