Inflation has eased from a two-year high as a temporary fall in fuel prices offset other price rises.

Stats NZ says the consumer price index rose 0.7 percent for the three months to the end of September, taking the annual rate to 3.7 percent.

That annual rate was 4.1 percent in the previous quarter.

Petrol prices fell more than 6 percent in the quarter, while food, building costs, international airfares, and rates rose.

The 14 percent rise in airfares was the single biggest factor in the quarterly increase.

Fuel prices were the biggest driver of the annual rate.

Economists have warned the recent surge in fuel prices to record levels will drive inflation well above 4-percent by the end of the year.