A man walks past stores at the main shopping district, in Wellington, New Zealand June 18, 2024. REUTERS/Lucy Craymer

SYDNEY (Reuters) -New Zealand's inflation expectations remained subdued in the fourth quarter, a Reserve Bank of New Zealand (RBNZ) survey showed on Tuesday, with most respondents expecting a cut in the official cash rate when the bank meets end of this month.

Two-year inflation expectations, seen as the timeframe when RBNZ policy action will filter through to prices, remained unchanged at 2.28% from the third quarter, RBNZ's quarterly survey showed.

That is within RBNZ's inflation target range of 1% to 3%.

The survey data from 40 business leaders and professional forecasters saw annual price increases averaging 2.39% in the year ahead, up from 2.37% previously.

(Reporting by Renju Jose in Sydney; Editing by Tom Hogue)